It’s possible to leave college without a mountain of debt being carried on your shoulders due to student loan debt; however, many enter this situation because of the choices they made well before entering into a collegiate program that eventually led them to becoming a college graduate. If we take advantage of some of our choices early on, down the road, we can look back at those as excellent decisions with long-lasting results.
For instance, consider two students who begin college in the same academic year and possess similar academic smarts and drive to succeed at college. Think of four years from then. One student finishes school and walks away with a diploma and has the freedom to use that diploma as a true indicator of how successful he/she was. The second student, however, also leaves school with an academic diploma and, in addition to that, walks away from college with a debt amount that looks just like a mortgage loan. In this case, both students were equally smart and equally motivated, but these results were solely attributed to the strategies utilised.
It is essential that a student apply for scholarship opportunities early in the process of starting their education because the opportunity of winning a scholarship far exceeds what most students can imagine. A scholarship application is likened to acquiring a second job, but with a significantly higher wage. Every year, thousands of scholarships are available. Unfortunately, a majority of the scholarship opportunities go unused because there are not enough applications submitted for them. When students thoroughly complete enough applications, they effectively receive an educational expense reimbursement. Additionally, even after accepting their first college course, students have access to a continuing source of scholarship opportunities available through local businesses and civic or charitable organisations.
College students may think that living at home while attending college will not be an exciting experience. However, living at home is a tremendous financial opportunity as the cost of food and housing will typically outweigh the cost of tuition separately. Eliminating the cost of rent from your expenses decreases the overall cost of your college education significantly. Taking all of your college loans to cover the rent you pay while attending college creates a spiraling situation later on.
If you are someone who believes that a community college is not very good, you are mistaken. The first two years of college include many common courses and lots of general education courses such as Math, Science, English, Psychology, etc. Therefore, when you go to a community college, you will be completing the same coursework as someone who attends a big name university. The only difference is that the community college tuition costs a fraction of what the four-year colleges or universities charge. So you can attend a community college for the first two years, transfer to a four-year school, and receive your degree that will have all of the prestige of the larger schools while keeping tens of thousands of dollars.
Completing your financial aid forms every year will definitely be non-negotiable for you. Grants are available to undergraduate and graduate students for helping with the cost of their education. The big difference between grants and loans is that if you do not fill out your forms by the designated date, you will lose your grant funds. Therefore, it is possible to turn in one hour’s worth of work into thousands of dollars of financial aid for your college education.
The choice of a college may be the most critical decision you make. A reason to choose an in-state public university is that your state has already subsidized the cost through taxes paid by your family. By selecting a school outside of your state or a private school, tuition increases dramatically. But, you are still receiving the same degree and entering the same job market as everyone else.
The following comparison illustrates the differences without too much detail. If you chose the most affordable route, it would consist of the following components: staying at home for college; completing your prerequisites at a community college; transferring to your state’s public university; utilizing grants, scholarships, and a possible part-time job to help pay for your schooling. Total cost: manageable and possibly no student debt.
If you chose the most expensive option, it would consist of: moving away to attend a private university; paying very high costs for everything; and borrowing large sums of money for your education. Total cost: life-changing (for the worse).
Student loan debt usually does not come from one big, huge mistake; more commonly, it accumulates from lots of small, emotional decisions that seem harmless at the time. Examples include “I want to have the experience” and “I can make it work later” or “All my friends have student loans”. All these reasons are expensive reasons!
Your choices shape your life. Your home, your work, your finances. Every decision you make today will determine how much you’ll be able to pay for college.
To keep your education affordable and to avoid student debt, you don’t have to have a lot of willpower or an income that is over the top. Instead, you need to be aware of your options, be patient, and be willing to choose a smart choice over a flashy one. Your future savings account will reap the rewards of your decision well after the day you graduate college.
