The cost of a chemistry college course in the USA ranges from $16,000 to over $70,000 a year, making it
one of the most expensive degrees available. However, given that chemists can
go on to earn well above the national average salary, it is well worth making
the investment. For most people, this means having a savings plan to help cover
some of the costs and taking out a loan to cover the rest. With a few simple
techniques, you can fund your chemistry dreams, whether for yourself or as a parent.
Accrue Interest By Starting Early
Savings accounts rely on accumulating interest over time. This means
that the longer you save for, the more money you’ll come out with, even with
the exact same up front investment. If you are raising the funds for your
child, a good rule of thumb is to multiply their age by 2000 and put this
amount straight into a savings account. This so-called “2K rule” will
leave you confident that, by the time they reach 18, you’ll be able to afford
half their course and can cover the rest with private student
finance.
Selecting the Right Loan
The first thing to find out when looking for a loan is your credit
score. This will be the ultimate decider of how much you pay. Settling old
debts before taking out a student loan will help you secure something with a low
interest rate. You should aim to find something with a fixed interest rate to
avoid nasty surprises and look for other hidden fees such as administration
costs. Search the internet for the best deals, but never take out more than you
absolutely need and can repay.
Take Advantage of Tax Breaks
Since education is considered to be valuable to
society, you may be eligible for a tax break. A 529 Plan is
tax-advantaged savings scheme which is specifically used to pay for college
tuition. Despite being the most cost-effective way to cover the cost of a
college degree, it is used by less than 3% of students. Use this plan rather
than prepaid tuition if you are also looking to cover living costs while at
college.
Becoming a chemist is a dream for many people, but the high costs of
tuition can be off putting. If you really want to get that college degree, then
you’ll have to learn a little bit about finance. Save early in order to cover
half your tuition costs, then carefully select a loan and tax-advantaged
savings plan to pay for the rest.