As more people return to higher education, it is important to remember that completing a degree does not have to break the bank.

There are a number of ways that people who are re-entering higher education can reduce costs associated with college.

Writing in the Leeds News Hayes Parnell III, the chairman and founder of Covenant Bank, suggests that prospective students may want to begin their studies at a local community college for a few years, before moving on to a four-year institution.

Many universities have a variety of options for payment, such as taking care of the entire bill immediately or paying in monthly instalments, he says. Students should make sure they choose the plan that fits their needs.

Mr Parnell recommends that the choice of living arrangement can affect the total cost of an education. Distance learning courses remove the necessity of traveling to class and means that students can arrange studying around a full or part-time job.

Finally, he suggests that those who are worried about funding their education should seek advice from their local bank, as there will be a qualified professional on hand with expertise in such an area.

Research from the National Association of Colleges and Employers reveals that salaries for graduates have risen by 5.3% over the past year.