The price of a college education can look daunting, to say the least. Last year (the 2004-2005 academic year), tuition and fees averaged $5,132 for in-state students at public four-year colleges and universities, according to the College Board's Trends in College Pricing 2004 report.

This survey of 2,800 private and public post-secondary institutions showed rates increased by 10.5 percent, up from $4,645. With room and board costs, the average bill was $11,354 a year, up 7.8 percent, according to the report.

Though tuition prices rose less at private four-year colleges and universities—6 percent—this increase brought the average bill for these institutions to $20,082 for 2004-2005. Add room and board, which increased 4.6 percent over the previous year, and you're paying $27,516.

Keep breathing. Through careful choices and planning, you can make it through college without sacrificing an arm or leg. After all, you'll need your arm to type those late-night term papers. And don't give up on college altogether because of the cost. It's an investment in yourself that almost always pays off. So what can you do to minimize your expenses?

Start early

One way to cut costs before you even graduate from high school is to explore dual-enrollment programs at nearby community colleges. In many states, students can enroll in college courses that satisfy both high school and associate-degree course requirements. Some states even waive tuition and book fees for high school students enrolled in these programs.

Depending on when you start, you could have your associate's degree completed before high school graduation, shaving as much as two years of tuition, books and room and board off your college costs.

Taking advanced placement (AP) courses offered at your high school is another way to chip away at that bill. These courses often transfer to college credits, which leaves you with fewer credits to pay for, and puts you on track to graduate earlier.

Apply for financial aid

According to the College Board, almost 75 percent of full-time undergrads receive some sort of financial aid. While much of that aid is awarded in the form of loans, grants are also widely available. Colleges and universities themselves, along with federal and state governments, distributed more than $46 billion in grant aid for the 2003-2004 school year.

Estimates show the average two-year college student received $2,300 in grants and federal tax benefits. Students at four-year institutions averaged $3,300, and private school students averaged $9,400.

So how do you get this aid? Fill out the Free Application for Federal Student Aid (FAFSA). The application can be submitted—either online or through the mail—after Jan. 1 of the year you want to begin college. This puts you in the running for loans, grants and work-study programs.

Many private colleges and universities will also expect you to fill out the College Scholarship Service Profile to determine your eligibility for non-government financial aid (the institution's own grants, loans and scholarships). This profile is submitted in the fall.

Often high schools and local groups also offer scholarships to students who meet certain requirements, such as grade point averages or participation in certain activities. Talk to your high school guidance counselor about these opportunities and keep your eyes and ears open.

Start local

Don't turn a blind eye to community colleges even if dual enrollment isn't an option for you in high school. Getting your associate's degree from one of these schools can save you money on tuition and room and board (if you continue to live at home).

In addition, attending community college can push you to the front of the line for admission to the school of your dreams later. Many state universities turn to the pool of students from community colleges before accepting applications from the general public.

If you don't have your heart set on a particular college, check whether your bachelor's degree is available at your community college through a partnership with another school. It's a great way to extend those community college savings beyond your associate's degree.

If you plan to transfer to another college after your first two years at a community college, check in advance to make sure all your credits will transfer. This way, you won't have to take and pay for similar courses after you make the switch.

Look ahead

It's a good idea to carefully plan your course schedule, whether you're transferring or starting off at the school where you plan to complete your degree. Make sure you're fitting everything in and can complete all your course requirements by the time you plan to graduate.

Most students planning their college budgets base their calculations on four years. But statistics from the U.S. Department of Education show that only 40 percent of students graduate from college in four years. If you're one of the remaining 60 percent, and are a course or two short at the time you thought you'd be graduating, you'll be adding additional expenses.

Another way to finish early is to take an increased number of courses each quarter or semester. While most colleges have a minimum number of courses students must take to be considered full-time, consider taking up to the maximum allowed, as long as you can handle the workload.

Moving out

Going to college away from home doesn't have to doom you to a life of debt. While you'll definitely pay more for room and board, there are ways to keep the costs in check. If your college permits you to live off campus, rent and groceries can be less expensive than dorm and cafeteria life. Splitting bills with a responsible roommate or two can reduce costs even more.

But make sure you're ready for the responsibility of living on your own. Fines for damaged property, fees for late rent or electricity payments and too many late-night pizza runs can quickly eat into any savings you gain from skipping the dorm. Transportation is also important to factor into your budget (you may not need a car if you stay on campus).

If dorm life is a requirement or a better fit for you, fear not. With a little planning, you can get the most for your money. When selecting a meal plan, consider your eating habits. If you usually skip breakfast or grab fruit, yogurt or a granola bar, skip the full plan. The weekly trip to the grocery store, and even a dorm-sized refrigerator, could be well worth the savings.

Whatever meal plan you buy, use it. That's not to say you can't ever go out for a meal or ice cream, but remember that your meal plan is money already spent. Some colleges allow you to use the prepaid meal fees for other campus expenses, but many don't, and you'll lose the money at the end of the quarter or semester.

Be on the lookout for student discounts and freebies at local stores. Consider whether you always need the brand-new textbook. Sometimes a used one will do the job just fine. Recognize the difference between "needs" and "wants" and buy accordingly. When it comes to needs, be frugal. When you need jeans, skip the mall and head to the discount store.

Working

Consider being a resident assistant (RA). If you can balance the responsibilities (typically organizing social activities for your floor and being on call for emergency situations a couple nights a week) with your classwork, it can get you a discount on room and board—often much better pay than other campus jobs. But before you commit, make sure the schedule is flexible enough to avoid Sabbath conflicts and time off for Holy Days.

If being an RA isn't for you, consider other campus employment or work-study jobs. Since they're college-related, these types of positions are more likely to accommodate your class and study schedule than those that are off-campus.

If campus employment doesn't work for you, you can probably find a job in a nearby office, hangout or restaurant. Most college towns have many of these. Look for one that fits your schedule and skills, even your major. Real-world experience often makes your resume stand out after college.

Apply these principles and you'll keep your college costs under control. Many others have successfully applied these concepts. So can you! VT