Ways to Reduce College Debt
Prior to applying to a college, potential students should weigh many factors. If acquiring a student loan to attend a fine learning institution such as Harvard or Princeton, you will likely owe about $100,000 upon graduation. For this matter, the majority of students attending these schools come from wealthy backgrounds. However, if money is an issue, there are ways to reduce your college debt. Here are five ways to get an education without going broke.
1. Start at a Two-year College. Although many college freshmen begin their higher learning education at a four-year institution, it is possible to receive the same education from a junior or two-year community college. During the first two years of college, the education is very basic. The majority of students spend their days taking courses such as English, Math, and Science. Rather than spending hundreds of dollars per class, consider a local community college. Transfer to a four-year university after completing your basic curriculum classes.
2. Choose a Public College. Some students are determined to attend a school that is attached by a well-known name. However, unless you plan on studying a complex field such as law or medicine, you will not benefit any less from attending a public school. Sadly, many students graduate with student debts exceeding $50,000, whereas their field of study only pays a modest salary. Rule of thumb: if the college debt is going to exceed your anticipated salary by half, it’s not worth paying the extra money for a private school or Ivy League education.
3. Attend an In-State School. Attending a local or in-state school will save you a ton of money. The average in-state tuition for a public college is about $185 per credit. However, if you were to attend an out-of-state public college, it will cost you about $350 per credit.
4. Avoid Taking Additional Classes. Because student loans accumulate over four years, it is tempting for students to take extra classes. Extra seminars or hobby classes will add onto your final college debt. There is nothing wrong with taking an extra class or two on an interesting subject. However, to keep college costs low, avoid classes that are not part of your curriculum.
5. Avoid Switching Fields of Study. In general, the first two years of college are general education course. By the time a student enters their third year, they are advised to declare a major or field of study. At this point, students begin taking specialized courses. Although choosing a career path is difficult, students must avoid repeatedly switching their majors. Selecting a different major every semester means wasting time and money on unnecessary classes.
