Getting Your Money's Worth Out of College

College education is one of the single biggest purchases that you'll ever make. And yet, the average consumer knows more about buying a car or a washing machine. Why not get the most for your money?

1. Go see the prof. You might think that lectures and discussions are the main part of the college class. And you'd be right. But the single biggest resource of any college course is one that most students never even think of: the professor's office hours. Most colleges require professors to be available for one-on-one consultation with their students for several hours a week. A tremendous amount of learning can go on even in a 15-minute talk directly with a professor. And you've already paid for it as part of your tuition—so why not get your money's worth?

Five star tip. Many professors today are happy to answer students' questions by E-mail or even on a course Web page. Be sure to make full use of these electronic resources.

2. Keep entering the lottery. Many students (and parents) think that the financial aid package you get when you enter college is the end of the matter. But once you're at college, there may be a number of opportunities to compete for and get various hidden scholarships. Many donors give piles of money to specific departments for the support of their majors (at Princeton, for example, there is an overflow of money in ancient Greek language and civilization). Often these scholarships are handed out on the basis of merit. So if you're doing well, you should ask around to find out about these opportunities and take advantage of them.

3. Think about flying the coop. At many schools, first-year students have to live in the dorms. But after that, you're on your own. Think about living off campus in an apartment or a cooperative living arrangement. You can often save bundles on food. And hey, you might enjoy playing Rachael Ray, not to mention doing dishes once a month.

4. Learn a skill for life. Once you know your major, be on the lookout for courses that will give you the skills to get ahead in your chosen career (even if such courses are not required for the major). Learning Chinese or Arabic could be a big selling point for a business major wanting to work for Wal-Mart or Procter & Gamble—or the CIA or Homeland Security. A course in critical reasoning or logic could pay off for a wannabe lawyer—or a course in statistics for someone going into the healthcare profession.

5. Use the facilities. No, not the toilets. We mean the medical and counseling services on campus. Even though we don't yet have universal healthcare in this country, most colleges have free medical facilities for their students. And if the colleges have a med school, the staff of the university health service can be top notch. Also, you can often find really good psychological counseling at colleges, either free or at a very reduced cost, through the health service or the university's psychology department.

And once you're in A-1 medical and emotional health, think about the free tutoring services available at almost all colleges: A graduate student, advanced undergraduate, or academic adviser can often help you slog through those killer required courses. All at no charge to you.

6. Travel on their dime. Wanna see the world? Consider the study abroad program. Many colleges have special scholarships or stipends to enable students to do research abroad or to take courses at "sister" universities. This can be a wonderful opportunity to improve your language skills, to do research in countries where the materials actually exist, and to take courses at colleges where they actually specialize in what you're interested in.

Extra pointer. Be sure to check that the courses you're interested in are actually being offered the semester you plan to be there (College catalogs, even online, can be notoriously out of date). And be sure to investigate whether the courses taught are part of the regular university program or part of a special (often less good) "institute" designed only for overseas students.

Extra extra pointer. Make sure you have a valid academic reason for wanting to study abroad. Hoping to find an Estonian bride, or groom, won't cut it at most colleges.

7. Join the workforce. At many colleges, there are special work-study jobs to be had. Some of these—like being a museum guard or the checkout person at the college library—have long periods of down time, when you can do your homework at the college's expense. And you'll make friends with other student-workers, not to mention making goodwill with your parents (who'll be happy that you're bringing in a few bucks). Hey, is this a deal or what?

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