Too poor to pay for college or too rich for financial aid? They are always obstacles right? Student loans debt in the U.S. has reached about $1.2 trillion including federal and private student loans. The price you pay for college is definitely an investment. Federal student loans can be a great way for students to get help paying for school, but they don’t always cover the entire cost, and depending on the college, students are graduating with tens of thousands of dollars in debt. Some people even turn to private loans which is even worse. Private loans come with higher interest rates, fees for late payments and which make them less favorable to federal loans.
- There are ways to pay for college without student loans and getting buried into debt. One way is by looking into scholarship opportunities such as academics, athletics, cultural & community experiences, accomplishments, major, background and location.
- The cost of college varies on the type of school you choose. I suggest starting out at a 2 year college first known as a community college than transfer to a 4 year college. You will definitely save money that way, while getting your feet wet and making sure college is right for you. You will be surprised on how many times people apply for a big university just to end of realizing college is not for them.
- Grants are another method. Grants are reserved for students that need a certain amount of financial help. Apply for the federal grants by filling out the FAFSA.
- Employer reimbursement programs is another great way to help with college without getting a student loan. Today there are tons of employers that offer tuition reimbursement, Chipotle, Starbucks just to name a couple.
- Check out this new program that takes this route a step further. AmericanHonors.org will guarantee your admission to popular big name schools if you do the required coursework and maintain your grade point average.
Now these are a few of Key’s tips and tricks to avoid applying for and racking up student loans that would only have you graduating in debt. Debt isn’t the only option. So there you have it. It is many ways you can pay for college and none of the above include student loans. So don’t buy the myth that loans are the only option.
Here are 5 books that I recommend to help you even further….
- College Without Student Loans- By: Dave Smith. College without student loans is a springboard to beginning a successful professional career while being free of the debt burden that encumbers over 80%of those currently graduating.
- Beating the College Debt Trap: Getting a Degree without Going Broke- By: Alex Chediak. A better way to do college.
- The Forbes Guide to Paying for College- By: Rebecca Tapio. Getting into college is hard enough these days, figuring out how to pay for it shouldn’t be.
- Screw College Debt: How to go to college without breaking the bank- By: Marco Leroc. Don’t let the financing of your education stand in the way of your future dreams.
- Zero Debt for College Grads from Student Loans to Financial Freedom- By: Lynnette Khalfani. Lay off the credit cards and expenses and be a bit more realistic with your lifestyle.
Shynna Key- The Financial Fanatic
Working Moms Financial & Business Editor