With student debt reaching record levels, finding ways to attend college without accumulating debt is more important than ever. As an investment advisor, I’ve seen firsthand the long-term impact of student loans on financial health. The good news is there are effective strategies to attend college debt-free.
Here are some of them:
- Apply for Scholarships and Grants. Look for scholarships and grants that don’t need to be repaid. Apply to as many as possible, tailoring your applications to each opportunity. Ideally, spend your Senior year in high school applying.
- Choose a College with Strong Financial Aid. Look for schools that offer generous financial aid packages, including those with “no-loan” policies. Use net price calculators to estimate your actual cost after aid.
- Start at a Community College. Begin your education at a community college where tuition is lower—transfer credits to a four-year institution later to save money.
- Work While in School. Working part-time can help cover expenses. Balance your job with your studies, and seek work related to your major for added experience. Also, there are entry-level jobs you can get working for your college, which will give you breaks in tuition.
- Live at Home. If possible, live at home to save on room and board. Contribute to household expenses, stay involved on campus for the ‘full’ college experience, and don’t forget to help around the house!
- Utilize Employer Tuition Assistance. Many companies offer tuition assistance programs. Consider working for an employer that offers these benefits, even part-time. Unassuming companies like Chik-Fil-A often offer tuition help.
- Opt for a Less Expensive School. Choose a more affordable college, such as a public university or in-state school, to reduce costs. An expensive college doesn’t necessarily equal more opportunities!
- Accelerate Your Degree. Finish your degree in less time by taking summer courses or earning college credits in high school through AP or dual enrollment courses.
- Crowdfund Your Education. Use crowdfunding platforms like GoFundMe to raise money for college. Share your story and promote your campaign to reach potential donors.
- Consider Military Service. Military service or ROTC programs can provide substantial financial assistance, covering tuition and offering additional benefits.
Applying these strategies can help you attend college without the burden of student debt. Plan, explore your options, and take control of your financial future as you pursue your education. A great resource on debt-free college attendance is a book called “Debt Free Degree” by Anthony ONeal. Check it out! Ü
