Student debt is one of the biggest issues facing not only America but the world as more and more people graduate every day but with huge personal and financial costs. To get a degree is not an easy feat, but it’s even more daunting knowing that doing so might put you in enormous debt. The common story of the broke college student is not a myth but a reality, with student debt having short and long-term consequences for years after graduation. So here are some pointers on how to avoid the scary reality of graduating with debt.
Grades are key
Many people often take up part-time work to pay for their college and put a dent in their bills. But working long hours and attending college, while still maintaining a good average, is not always possible for everyone. One way to keep up your grades but still be able to attend college at minimal cost is to look for grants and scholarships. There are both government and private grants offered to people who are at a disadvantage in paying for college. Unlike loans, these grants do not have to be paid back. Similarly, scholarships are awarded to individuals that have excellent academic records or are good at cultural or sporting activities. Maintaining good grades in high school and college is actually key to getting offered such scholarships, but most of these opportunities are given to well-rounded individuals that have a promising future, so don’t underestimate your chance of getting them.
Have future employers pay
Up to 60% of employers reimburse college fees for their employees. Depending on the company, there may be tuition benefits. Some companies help to relieve student debt whereas others actually pay for a prospective employees’ college while that employee is still learning. If you wish to get a master’s degree in a certain field, it is likely that your employer may help fund that too. One way to explore this option is to look at jobs in fields where employability is high. Getting a degree that not many people have will play in your favor as it means more future employers are willing to pay for college in order to get more dedicated employees. An indirect way to get funding from your future employers is to get a paid internship in the field of your choice. This is a win-win situation as it increases your experience in the field which will make your resumé look better, but also helps you form important connections with your future employers, all while helping you pay for your degree.
Make savvy decisions
Some students have to take out a loan to pay for their degree, but they find ways to cut costs while studying. One way to cut costs is to reduce rent by either living in more affordable dorms or, if possible, staying with family. Another way to cut rent costs is to have multiple roommates and to keep an eye on electric bills. Reducing food costs by cooking at home and buying generic brand food is another way to save money. Buying used or second-hand textbooks is another way to reduce costs as college textbooks are notoriously expensive and are often only needed for one or two years. Lastly, transportation can make a huge difference in how much money you spend. Using public transport is environmentally friendly and works out much cheaper than using a car. If you live close to your compass, get some exercise every day by cycling or walking to class.
