Many people cannot afford to pay for college on their own, so they turn to borrowing to fund their education. Often feeling like they are investing in their future, college hopefuls can fall into the trap of borrowing more than they actually need. In fact, many people skip over some important considerations that can help you get a degree without ending up thousands of dollars in student loan debt.
Take A Step Back
Too many college bound kids rush into planning their college applications and future living accommodations without taking the time to plan for how to fund their college experience. There are numerous grant options available, many of which go unclaimed each year. There are grants for lower income applicants, applicants fitting specific ethnic criteria, specific fields of study, and areas of research. There are both privately funded grants offered by companies looking to educate the next generation of employees, and federally funded grants. Applying for grants can be tedious, but don’t sell yourself short by ignoring a potentially great funding source.
Another aspect of college life often unconsidered is the course schedule. Sure many of your friends may be going full time and “living the college dream”, but that dream could be costly. Consider working part time while attending classes part time or in the evenings. Earning an income while attending college isn’t that unheard of, and could be the difference in graduating quickly or graduating expensively. Find the value in graduating in six years debt free versus four years with a hefty loan balance that will follow you around for years to come.