Finance Globe

U.S. financial and economic topics from several finance writers.
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Taking Time Off From College to Save Money

Taking Time Off From College to Save Money

With the cost of college on the rise, some students eventually find themselves in a challenging financial situation.

While they want to continue with their education, they simply don’t have the money to do so. They have exercised all their options, such as student loans and other forms of aid, but it still isn’t enough.

Most people advise against taking time off from college to save money. The fear is that you will not return. This is a definite concern, but it may be your only option.

If you plan on traveling down this road, here are a few tips to follow:

•    Have a plan. Don’t just say you are taking time off. Do so with a concrete plan in mind, such as working full-time for one year in an attempt to save enough money to finish your education.
•    Stay in the college frame of mind. It’s easy to join the working world and forget all about college. If you find yourself in this position, you may never return to finish your education. For this reason, do your best to “keep your mind in the game.” You can do this in many ways, such as by taking one night course per semester.
•    Save every dollar possible. If you plan to work and save money, make sure this is what you are doing. You know how much you need to save, so make sure you strive to reach this goal.

At some point, you may realize that you need to take time off from college because you are out of money and your other options have run dry. If you find yourself in this position, the above tips will help you through this time.

Do you have any other advice to add? Is this a situation you have dealt with in the past?

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Comments 2

Frank on Monday, 25 April 2016 08:32

Many college now offer part time offerings as an option as well. You should consider that as well so you can finish school as early as possible. Part time school will offer part time work and hopefully you can make enough money to pay for all or at least some of your school.

Many college now offer part time offerings as an option as well. You should consider that as well so you can finish school as early as possible. Part time school will offer part time work and hopefully you can make enough money to pay for all or at least some of your school.
ChrisB on Monday, 25 April 2016 08:37

That is a great idea, Frank. It's kind of like the best of both worlds!

That is a great idea, Frank. It's kind of like the best of both worlds!
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