By Paige Quiggins & Emory Williamson

For University of Louisville students like Levon Thomason, the rising cost of college and various built-in costs have required many cost cutting methods.
Thomason, a freshman undecided major, said he is thankful for his KHEAA Cap grant, but hopes it will cover additional fees in the future, such as the meal plan. Thomason is also trying to sidestep the cost of commuting, using his U of L ID to ride TARC for free while trying to save up for a car.
“I’m working a minimum wage job with nine-tenths of my pay going to insurance and bills,” Thomason said. “TARC is my main way of getting around.”
Others such as Rachel Schafer, a sophomore business major from Palmyra, Ind., are funding their education through the Metropolitan College program at United Parcel Service. Schafer has been with the program throughout college and said UPS covered up to $65 per textbook and also paid for her board in Threlkheld dorm.
Schafer said UPS provides milestone bonuses and even has programs available for specialized Stafford loans, but this method has its drawbacks.
“If you don’t stay there all four years they won’t pay all of it,” Schafer said. “I don’t want to have another job when I graduate.”
While these methods may be cost effective, many U of L students have not been so lucky when it comes to staving off debt. According to Michael Abboud, associate director of Financial Aid, in the 2006-2007 academic year, 451 graduating undergraduates were in debt to federal loans up to $18,375. 192 graduating graduate students were in debt at an average of $37,174.
David Dubofsky, a finance professor at U of L and money management expert, said students need to learn to take better care of their finances in order to avoid these situations.
“A lot of people, not just students, do very stupid things with their money because they simply don’t know the financial environment,” said Dubofsky.
Dubofsky said students can do three things to avoid debt: minimize amount and costs of borrowing, cut back on unnecessary expenses and get the most  one  can out of their education.
He also said obtaining student loans and renting can help offset expenses, but students must pay attention to interest rates and credit card usage.
“When [students] graduate they should take the time to learn about financial matters because it’s a complex world out there,” he said.
Since tuition and several other costs have increased significantly throughout the past 10 years, getting ahead financially can be difficult. Since the 1998-99 school year, yearly tuition has increased from $2,920 to $6,870 in 2007-08. An increase in tuition is expected following significant budget cuts and potential calls for tuition hikes made by state government.
According to Dubofsky and Dale Billingsley, vice provost at U of L, tuition increases are inevitable as the demand for student amenities continue to rise and states cut funding to higher education institutions.
“When states have to cut back, higher education is the easiest,” said Dubofsky, who cited “increases on spending on other things that compete with higher education,” as a major concern.
Abboud advocated that more students should seek advice from the Financial Aid office.
“We try to coach and explain to students to think 10 years down the line – we try to help them to think long-term,” he said.
Billingsley suggested students try to better understand the responsibility they have with
managing their money during their college years.
“It’s a nightmare and if nothing else I am filled with sympathy,” said Billingsley. “But the
students have to be realistic with themselves and understand the responsibilities that they have.”
He cited scholarships such as the Cardinal Covenant and the Continuing Student Scholarship
as ways to award students for their work by assisting them with finances. He also cited
university efforts to lower the costs of purchasing school textbooks and that U of L has emphasized more effective procedures in order to lessen the costs.
“People are more aware than they used to be about the costs for students,” said Billingsley, citing that improvements are being made.