How to graduate college with little or no debt
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This article is brought to you by Brigham Young University-Idaho, which is a private, Christian, four-year university sponsored by The Church of Jesus Christ of Latter-day Saints. The university’s mission is to help students “develop as disciples of Jesus Christ who are leaders in their homes, the Church, and their communities” by offering high-quality, affordable education in a fun and uplifting environment.
College is an exciting time for students! However, the big question is, “How will I pay for college without going into too much debt?” Thankfully, there are ways to avoid it. Here are a few tips to help you and your student.
Work during school
It can be hard to balance having a job, social life, classes, and homework, but if you work while attending school you can avoid unreasonable debt. A part-time job lets you live more comfortably, meet your needs, and some jobs (especially on campus) can even give you experience in your industry before you graduate. Working also means you won’t need to borrow as much money to pay for schooling expenses.
Attend a school with lower costs
If you have a specific school in mind, go for it! But if you’re still looking at schools and saving money is a priority, consider going to a public, in-state or community college where tuition is cheaper. Some private schools have lower tuition rates, but you should do your research before choosing.
And while you’re comparing costs, don’t forget to calculate the cost of living! This includes how much you’ll spend on groceries, gas, housing and course materials. Remember that tuition is only a part of the total cost of college. Many university websites have net price calculators to make this easier to calculate.
Online schooling
Consider taking classes online! You’ll still need to pay tuition, but the cost tends to be less than in-person college. Taking online classes also gives you the chance to live at home and save money on rent, food and commuting. Online learning can also make it easier for you to work while taking classes.
Many universities offer a mix of online and in-person classes, so you can plan for a few online-only semesters that will help you save money while still working toward graduation.
Apply for scholarships and grants
You can also apply for scholarships and grants. Websites like the Scholarship Directory – BigFuture | College Board are reliable places to find scholarships. Remember that most scholarships are based on academic achievement, meaning you’ll need to keep your grades high to qualify. The specific requirements and amounts will vary depending on the scholarship.
Apply for financial aid
While financial aid doesn’t always keep students out of debt, it helps keep it to a minimum. Completing the FAFSA to see if you qualify for financial aid is totally free! And if you qualify for federal loans, you aren’t required to accept the entire amount! You can only take what you need for tuition, housing, or other college expenses.
Accelerate your degree
Many colleges let students apply to take classes year-round or take extra classes each semester, significantly speeding up the graduation process by cutting down on the semesters you need to graduate. Fewer semesters mean less money spent on tuition, textbooks and student housing.
If you participate in an accelerated program, you will need to work faster and harder. Accelerating a degree means the same amount of coursework will need to be completed in a shorter period. It’s very possible, but you should mentally prepare for the challenge so you can avoid getting burnt out.
While there is certainly no guarantee of graduating completely debt-free, you can be more prepared and financially stable by choosing a college wisely, using financial aid, living prudently and paying attention to the small things. Proactive students are successful students!