It’s a well-known and much complained about fact: the cost of college is rising fast. The average in-state student at a public university pays nearly $9,000 per year for fees and tuition, while a student at a private university typically pays just over $30,000 per year—and those numbers exclude costs for room and board. With these ever-increasing expenses, it’s getting tougher and tougher for college students to pay for their education.
At the same time, it’s very difficult to advance your career without a college degree. So to pay for your education, you’ll need a job that requires an education… the ultimate Catch 22. Right?
Fortunately, there are ways to pay for school without readily available money. Here are seven helpful tips to help you borrow money with your future in mind.
1. Do your research about grants, scholarships and financial aid. When it comes to your education, there are all kinds of ways to score free money. Applying for financial aid can help cover a good chunk of your costs. There are also all kinds of grants and private scholarships to help you fund your degree. Look into grants from your state, or scholarships specified for your course of study or from your community. These aren’t necessarily easy to find… but seeking them out certainly pays off. Securing free money means less need to borrow and less debt.
2. Work your way through high school, college and/or during the summer. Spending your spare time at work may not sound especially glamorous, and it certainly isn’t easy. But in the end, using your own hard-earned money to pay for at least part of your college tuition will not only help you to be debt-free after graduation, but will leave you with a distinct sense of accomplishment and satisfaction for having paid your own way.
3. Start at a community college then transfer to a four-year university. At just over $3,000 per year, community colleges are significantly cheaper than your average four-year university. By attending community college for your first two years of college, you’ll save thousands of dollars and finish school with the exact same degree as if you had started at a four-year university.
4. Choose your school practically. Consider the price tag before committing to a college. Do the math and be sure that you can afford a specific school. If not, then it’s probably not the right school for you.
5. Choose a major that will help you pay back your loans. 70K of debt seems a lot more intimidating when you’re making $30,000 per year than when you’re earning $90,000 per year. Study a topic that will make you a marketable job candidate and make your education worth your debt.
6. Research lenders before taking out a student loan. Not all loans are created equal. Talk to others to get the full story about your lender, compare rates with other lenders and read the fine print. Be sure that your loan is straightforward and your lender is honest before borrowing money.
7. Only borrow what you must. If you’re taking out a loan, do so wisely. Don’t take out excessive amounts just because it’s available and convenient. You’ll likely need to cut back on your spending for a bit, but you’ll thank yourself later.
