Getting Started
Most people think that financing college can’t be done without thousands of dollars stacked up in your name, with the letters D-E-B-T written all over it. According to the Federal Reserve Bank of New York, the average student debt level has increased $20,000 over the last decade. Don’t let this news stop you from achieving your dreams though, because with smart financing and hard work it can be avoided.
Now don’t get me wrong, it can seem like a scary process but its entirely possible to graduate without a penny holding you down as long as you complete the necessary steps. The fact that I graduated debt-free without missing the college experience, all while obtaining four years of education, goes to show that you can too.
Due to not only my personal success but those of my friends and family, I wanted to share with you the key concepts in minimizing your college debt.
Scholarships
To start off, scholarships are one of the most well known ways people are able to attend college with either a free ride or greatly reduced ride (one). Due to the average tuition being between $10,000 and $30,000- you can see why scholarships are greatly strived after. Which is why being awarded one is incredibly helpful in minimizing the chances of graduating with debt.
Scholarships come in many forms and are given out for a multitude of reasons, whether it be for academics or extracurricular skills. To make yourself a contender you must go through the process of submitting applications, along with each schools specific requirements. Now, writing essays might not be your favorite thing, but if that extra work will eliminate or reduce your debt then I would say its worth it.
Grants
A grant is a type of financial aid that is given to students on a need-based basis for financing college. It’s a quite common way to help pay for school and there are multiple grants students like you can qualify for.
These grants are usually given towards those who are housed in lower income families, but there are still options available to those above the pay range. The majority of the offers are on a first-come, first-serve basis- so I would make sure to keep an eye on the deadline and apply well in advance.
Employer Tuition Reimbursement
Finding your way into a company that is a supporter of employer tuition reimbursement is a great way to continue your education during or after your time with a specific company. These programs pay for the total or a partial amount of tuition fees when employees choose to expand their education.
Of course the requirements, like you know, differ depending on the corporation- but its a common requirement for the courses to be completed, a specific GPA reached, through documentation of the costs, and even a contract of pledged employment to be reimbursed.
Joining a Work-Study program
If you are going to leave college debt-free you must have some sort of job, and enrolling in your school’s Work-Study program can be the perfect fit. Not only do you get to earn money through a federally funded program, but you also get exciting experience in your future career path. This will better prepare you, and provide you with experience in your field of work.
These programs offer full and part time services, while also pairing up with non profit businesses to allow students to work on and off campus. Checking with your schools financial aid office is the best way to get all the details and information you need to start the process.
Summer Jobs
If you are going to leave college debt-free you must have some sort of job, and enrolling in your school’s Work-Study program can be the perfect fit. Not only do you get to earn money through a federally funded program, but you also get exciting experience in your future career path. This will better prepare you, and provide you with experience in your field of work.
These programs offer full and part time services, while also pairing up with non profit businesses to allow students to work on and off campus. Checking with your schools financial aid office is the best way to get all the details and information you need to start the process.
Military Service
Serving in our armed forces is a mighty brave act and partially due to this there are certain services specifically for those who have put their life on the line to protect our country. There are a multitude of scholarships, grants, and loans available to the soldiers and veterans, along with their families, that make it possible for them to afford and obtain college degrees. A handful of these aids come with a prerequisite that the service member agrees to serve, or has served, a specific number of years in the military to be eligible. Each military field has different requirements, so contacting the schools informational department should help with any troubles you may have.
Take the next step
You are now one step closer to becoming a debt free college student. I hope these tips were useful in your chase to achieving your dream education and aid you with your college financing. Get matched today to be paired with the top schools that best suit you and your needs.
