Savanna Hoffman
Textbooks are a hidden cost of college, with students spending an average of $1,240 per year on textbooks and supplies at four-year universities. Students can use federal student loans to pay for textbooks, as these are considered an essential educational expense. Private student loans can also be used to cover textbook costs, but these may have different disbursement rules. To save money, students can buy used textbooks, rent textbooks, or use digital copies. Students can also share textbooks with classmates or borrow from the library. Scholarships and grants are also available to help cover textbook costs.
| Characteristics | Values |
|---|---|
| Types of student loans | Federal, Private |
| Federal student loan interest rates | Low |
| Private student loan interest rates | Variable |
| Federal student loan repayment terms | Favorable |
| Private student loan repayment terms | Variable |
| Federal student loan disbursement | About 10 days before the semester begins |
| Private student loan disbursement | Variable |
| Average textbook cost per year | $1,240 - $1,370 |
| Average textbook price | $80 - $150 |
| Average textbook cost for a four-year degree | $5,000 |
| Average student spending on textbooks and supplies per year | $1,300 |
| Textbook cost-saving options | Used books, digital copies, book sharing, scholarships, grants, loose-leaf copies |
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What You'll Learn
Compare federal and private student loans
Textbooks are considered an essential educational expense, and federal loan funds can be used to cover them. To order textbooks using your student loans, you must first gain access to your loan funds. Typically, your financial aid award is first applied to your tuition, required fees, and room and board bills. Any remaining funds are then refunded to you. In some cases, the college will give you some of that balance in the form of book vouchers for the student bookstore. However, you can usually opt out of these vouchers and purchase books on your own.
Now, comparing federal and private student loans, the primary difference is their source. Federal loans are provided by the government, while private loans come from banks, credit unions, and other financial institutions. Federal loans are generally recommended first due to their low-interest rates and favourable repayment terms. The government may even pay the interest during deferment periods, depending on the loan type. Additionally, federal loans have low eligibility requirements and unique borrower protections, making them accessible to most borrowers.
On the other hand, private student loans can offer advantages in certain situations. They can help bridge funding gaps and may provide better terms for graduate or professional students with strong credit, as well as their parents. Private loans usually offer a choice between fixed or variable interest rates. Fixed rates provide predictable monthly payments, while variable rates can fluctuate based on the loan's index. Private loans also offer various repayment plans, including options to make interest-only or fixed payments while in school, potentially lowering the total loan cost.
When deciding between federal and private student loans, it is essential to consider your financial health, the amount you need to borrow, and your anticipated repayment timeline. Additionally, research and compare eligibility requirements, interest rates, and repayment plans to make an informed decision.
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Check for scholarships and grants
Scholarships and grants are specifically designed to pay for your textbooks. Due to the high costs of college textbooks, many scholarships and grants can help students cover the cost of their books.
The Wilhelmina Foundation, for example, awards book scholarships to hundreds of Florida students who need financial assistance. To apply, fill out the application form and provide proof of enrollment after registering for classes. The Bold Great Books Scholarship from Bold.org offers a $500 scholarship to a successful applicant. All students from any field of study are encouraged to apply. The only requirement is to write an essay of 250–300 words explaining "What is your favorite book and why?". The Atwood Textbook Scholarship of the Hopkinsville Community College Foundation provides $500 per semester to help students with textbook cost coverage. The University of Dayton's Textbook Scholarship Program offers up to $500 per semester to full-time students toward the cost of textbooks from the University Bookstore.
The NACE Foundation invites graduate students who are Student Members of NACE to apply for book scholarships worth up to $1,000 each. The purpose of the scholarships is to help graduate students establish or add to their personal libraries of corrosion-related books. North American and International students are eligible to apply with qualifying GPA information and two written recommendations.
Utah State University provides unique textbook resources for students returning to college after an absence. The school's book scholarships are reserved for students who have experienced five-year absences from college within the previous six years. Returning students exhibiting commitments to academic success are evaluated for the award based on scholastic performance and other metrics.
The Passageway Scholarship Foundation helps challenged youth groups gain a foothold in higher education. Scholarships and book grants help neglected and delinquent students reach their career and educational goals. Funding applies to programs at 4-year universities, community colleges, and trade schools. Recipients have attended schools like Pepperdine, the University of Utah, and Mesa Community College.
To help offset the cost of college textbooks for female college students, Women in Higher Education helps raise money and grants its own book scholarships. Several scholarships are distributed annually at multiple college campuses across the US. Corporate philanthropy funds campus-based book scholarships sponsored by the retail book giant. At Pace University, each Barnes and Noble award is valued at $500 per semester. Successful applicants are full-time undergraduate students with grade point averages above 2.0.
There are also targeted textbook scholarships as part of your plan. Funding is available for fall and spring semesters. One-time awards of $100-$1,000 are awarded to college/university, technical, vocational, and graduate students. High school students (over the age of 16) are invited to apply for aid directed toward one of these institutions of higher learning. Applicants must attend an institution in the United States, Canada, or Mexico.
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Opt for second-hand books
Opting for second-hand books is a great way to save money on textbooks. Here are some tips to find second-hand textbooks:
Online Marketplaces
Online marketplaces such as TextSurf, Amazon, and Chegg offer a wide selection of used textbooks at lower prices. These platforms provide a convenient way to compare prices and find the best deals.
Local Bookstores
Local bookstores near your campus or college may offer used textbooks at discounted prices. Visiting these stores and comparing their prices with online options can help you find the most affordable choices.
Facebook Groups
Many colleges have Facebook groups specifically for buying and selling textbooks. Students often sell their used textbooks in these groups, and you can find cheaper options or even match online prices. It's worth checking these groups before purchasing from the campus bookstore.
School Libraries
Your school or local library may have the required textbooks available for borrowing. While it is essential to note that demand may be high, especially at the start of the semester, checking the library catalog and physically visiting the library can increase your chances of finding the needed textbooks.
Older Editions
Consider asking your professors if older editions of the listed textbooks are acceptable. Older editions are often available at lower prices and may have minimal differences from the newer versions.
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Compare prices online
Comparing prices online is a great way to save money when shopping for textbooks. Here are some tips to help you get the best deals:
Use Price Comparison Websites
Websites like AllBookstores.com, AddALL.com, and BooksPrice.com are designed to help you find the lowest prices on textbooks. These sites compare prices across multiple online bookstores and booksellers, saving you time and money. AllBookstores.com, for example, claims to compare prices at over 40 online bookstores and thousands of booksellers, helping you save up to 90% off retail prices.
Consider Renting or Buying Used Textbooks
Price comparison websites can also help you find the cheapest rental options for textbooks. Renting textbooks can be a more affordable option than buying them new. Additionally, consider buying used textbooks, which are typically cheaper than new ones. Websites like AllBookstores.com and AddALL.com allow you to compare prices for both new and used books.
Look for Alternative Formats
Some book publishers offer budget-friendly loose-leaf copies, also known as binder-ready copies, in addition to traditional hardcover or paperback textbooks. Loose-leaf copies are usually cheaper than their bound counterparts. You can simply punch holes in the pages and store them in a binder.
Check Library Resources
Before purchasing textbooks, check if your school or local library has the books you need. Many libraries have subscriptions to digital services like Hoopla and Libby, which allow you to access eBooks, audiobooks, and other digital content for free. While it's unlikely that you'll find textbooks on these platforms, you may find supplementary reading materials that are relevant to your course.
Share with a Classmate
If you know a classmate who takes the same course but at a different hour, consider splitting the cost of a textbook with them. This can significantly reduce the expense for both of you, but be sure to work out a system that ensures you both have adequate access to the book.
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Use budgeting apps
Textbooks are considered an essential educational expense, so it's fortunate that both federal and private student loans can be used to pay for them. However, budgeting is a must-have skill for students to keep their finances in check. Knowing the money struggles students face and using smart budgeting tricks can make a world of difference.
Budgeting apps are like having a financial advisor in your pocket. They make managing your money a breeze, helping you keep track of expenses and hit your financial goals with just a few taps. Popular apps like Mint, Axio, Goodbudget, and Monarch are user-friendly and offer features like easy expense input, real-time spending updates, and budget accountability.
Some budgeting apps, like LearnVest, sync securely with your bank account and automatically file your purchases into pre-named folders like Entertainment, Groceries, Restaurants, and ATM/Cash, or you can create your own. You can set a budget for each folder, as well as for essentials like rent, student loans, and car payments.
Other budgeting apps, like Goodbudget, are a digital version of the envelope method, a budgeting strategy where you label a few envelopes with different spending categories and put a certain amount of cash into each. Once you spend all the money, you'll need to wait for your next paycheck (or the next month) to replenish your envelopes. Goodbudget uses digital envelopes that you can label to indicate things you usually spend on—for example, school supplies, gas, fun money, and food. Each category will have its own envelope, and you're only allowed to spend the amount allocated in each envelope. If you overspend, the envelope will turn red to indicate that you went over budget.
By using budgeting apps, you can gain financial control, boost your savings, manage your debt, and achieve your goals.
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Frequently asked questions
To order textbooks with your student loan, you must first check the required textbooks for your course. You can do this online or at your school bookstore. Then, compare prices at local stores, online, and for digital versions. Finally, purchase your textbooks with your student loan funds.
Both federal and private student loans can be used to buy textbooks. Federal student loans are recommended first due to their low-interest rates and favourable repayment terms. Private student loans may have faster disbursement times but may also require you to borrow more than you need.
To receive your student loan funds, you must complete the Free Application for Federal Student Aid (FAFSA) by federal, state, and school deadlines. After your FAFSA is received, your college will compare your resources to your cost of attendance (COA) to determine your financial aid. Once your loan is approved, your funds will be applied to your tuition, fees, and other expenses, and any remaining funds will be refunded to you.
