5 Tips to Help You Graduate College With (Almost) No Debt

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You don’t have to graduate college with $100k in student loans. These tips will help you cut down on expenses so you’re not so broke when you finish.

In the United States, the average student loan debt is $32,731.

And with the cost of tuition increasing every year, the idea of earning a degree seems less likely for many.

If you’re still set on earning your degree, consider the following tips, and you might just find yourself debt-free by the end of your college adventure.

1. Be Strategic About Your School Choice

It makes perfect sense to want to get into a specific degree program at a specific university, but consider the cost difference between public and private universities first.

Private universities usually cost a lot more than state schools.

You might dream about moving across the country to explore and escape the grips of mom and dad, but make sure you’re okay with paying a little bit more for out-of-state tuition.

You always have the option to complete your general education requirements at a local community college and transfer to a university to finish your degree. This will definitely save you some extra cash!

If you’re really looking to save money on your college education, you should explore your options for earning your degree online. This will save you money and give you extra time to work and save for the future.

2. Apply for Financial Aid

Whatever college or university you decide to attend, there’s probably an option to apply for scholarships. If you had stellar grades in high school, you’re likely eligible for a merit scholarship, and these will be offered based on your application.

Applying for private scholarships and grants is something you should become very familiar with, too. A quick Google search will yield countless financial aid opportunities — just make sure you take advantage of them!

Many scholarship or grant opportunities simply require a resume, an essay, or some type of audition or interview. The possibilities are nearly endless if you have the drive to seek them out.

Ask your boss at work if your company would sponsor your education, or set up a crowdfunding campaign. Asking for help isn’t shameful, and if you don’t ask, the answer will always be no!

3. Get a Part-Time Job

Let’s be honest:

In today’s economy, a part-time job probably won’t cover all of your expenses.

Many of the part-time jobs out there don’t even pay liveable wages, but don’t let that discourage you. Keep your head up and remember that every dollar helps!

Most universities offer work-study opportunities for students who demonstrate financial need. These jobs will usually give you good work experience and allow you to work on campus so you save time on your commute!

Summer breaks are a great time to work and save extra cash for the fall semester. Ask your professor or work-study supervisor if they’d be willing to be a reference on your summer job applications.

If you don’t mind living in a dorm and being on-call for work, then you might enjoy becoming a Resident Assistant. These positions usually provide you with free housing on top of a paycheck!

4. Pay Off Loans While in School

If you’ve done everything you can to finance your schooling and still come up short, you always have the option to take out a student loan. Paying for school is expensive but worth it in the long run.

We strongly advise you to borrow as little as you possibly can. It might be tempting to accept as much as the bank or government offers you, but you’ll thank yourself later for taking less.

Extra cash is helpful, though, so if you’re still set on accepting a loan, be sure to make payments on it as soon as possible.

If you don’t pay at least the interest while you’re in school, that accrued interest could capitalize and get added to the principal amount of your loan.

Later, your interest payments will increase, and you don’t want that!

It’s difficult to afford living and loan payments while in school, but it might be possible if you can force yourself to live on a strict budget. Keep in mind that this budget is temporary, and it’s all for the greater good of your life!

5. Get a Head-Start on College Credits

Getting a head-start on college credits while you’re in high school is one of the best ways to avoid student loan debt because you’ll finish sooner.

Enrolling in an IB (International Baccalaureate) program or taking AP classes gives you a chance to take college-level courses and get college credit for them.

Many high schools offer Dual Enrollment programs, which allow high school students to take courses at a community college. This could give you a major jump-start on collecting college credits.

If you’ve already graduated high school, you can cut your college time down by overloading your class schedule with credit hours. You might need to get approval from your university, but it’s worth it!

A full-time course load in college is 12 credit hours, but it’s not uncommon for students to take more than that.

Keep in mind that taking on extra credit hours will not be an easy task, especially if you’re working, have kids, or are involved in any other extracurricular activities.

It may be difficult, but it’s not impossible. If you’re motivated to finish sooner, charge on through those credit hours!


Conclusion

Long gone are the days when you could pay for college and rent with a part-time job, but adapting to change is what we do best.

So, get creative, be smart with your money, and follow these tips, and you might just graduate college with (almost) no student debt!

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Adam Marshall is a freelance writer who specializes in all things apartment organization, real estate, and college advice. He currently works with The Reserve at Orono to help them with their online marketing.

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