Not many people argue against continuing one’s education past high school. However, a recent Yahoo! survey revealed that a great number of citizens feel that incurring huge debt for higher education is a bad idea. In some cases, respondents claimed that college debt has altered their lives in a negative way.
Student loan debt is higher than ever, and many students have defaulted on their loans. If borrowing is an absolute necessity, seek a federal school loan or small online loans. Only borrow what you need; these loans should not be used to finance entertainment costs.
With that in mind, here are seven tips that can help you graduate from college debt-free (or nearly so).
Start preparing in high school.
Work hard and take advanced placement (AP) courses. These courses provide you with free college credits that are recognized by all schools. Also, work your hardest to maintain a high GPA and study for the ACT or SAT exam. A combination of AP work, a high GPA and above average test scores may qualify you for a full or partial academic scholarship.
Even if your educational goal is to graduate from a four-year program, going to a community college makes great financial sense.
The first two years of your curriculum can be completed at a community college. Tuition costs less, and living at home saves you money by avoiding room and board charges. The trade-off for not going into debt is missing homecoming and Greek rush events. If this is important, go visit friends when their school has these events and, just for fun, compare your expenses with theirs so you can see your savings.
When it comes time to transfer to a four-year school, pick one you can commute to.
Yes, living at home may not be as much fun as campus life. But being debt-free means that when you get your first job, you can afford to move out and pay your own rent. Seems like a pretty good trade-off.
Work while going to school.
Even if you live at home, you will have tuition, books and other school related expenses. Working while in school is something that a great many college students do. Avoiding loan debt is worth leaving a party early on a weekend night so you can get up the next day to work.
Attend a public university in the state where you live.
Tuition will cost far less than at a private university or college. In many areas, the state university system is large enough that there may be a campus near your home. This will allow you to combine low tuition costs with the savings of living at home — a double win!!
Get all of the free financial aid you can.
Students with financial need may qualify for a Pell Grant from the United States government. This is free money to be used for higher education. Check with your high school college counselor about local organizations that offer scholarships, such as Rotary clubs, local businesses and your Chamber of Commerce.
Seek alternatives to four-year schools.
Technical and vocational schools are excellent choices for those seeking jobs where a college degree is not needed. Careers such as automotive service technician, medical assistant or medical biller offer good wages and only require graduation from a two-year institution of higher learning. Pell grants and scholarships may be available for accredited programs.
Remember, if you default on most government loans, they cannot be discharged by bankruptcy — and collection efforts are aggressive. Avoiding debt is the best way to get through school and obtain the degree you want, without risking financial strain in the future.
I’m trying to avoid loan and I’ve just discussed it with my friend. Thanks for your useful advice about local scholarships.