5 Tips for Living Your College Dream Without the Debt
5 Tips for Living Your College Dream Without the Debt
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5 Tips for Living Your College Dream Without the Debt
According to statistics, student loan debt in the United States exceeds $1.75 trillion and is growing six times faster than the national economy. For many Americans, crushing debt has turned their college dreams into nightmares. These tips, presented courtesy of Fromizmir, can help you avoid this problem by finding ways to attend college without taking on debt.
1- Work Part-Time
In 2022, the average college student earns about $17.70 per hour at part-time jobs. How much you can work without your college experience suffering depends on how many credit hours you are taking and how full your schedule is. Your school may provide guidance for how many hours you can realistically expect to work per week. Part-time students with six or fewer credit hours can probably work 30-40 hours per week, while students taking a full course load should probably not exceed 10-15 hours per week.
2- Attend an Affordable School
Even public schools, which cost about 73% less than private colleges, aren’t cheap at an average price of $10,388 per year for tuition, but choosing a public school can save you more than $20,000 per year compared to a private school. Attending a community college can save you even more, with the average cost for a year of in-state tuition being $4,864. Regional variations can make a difference, with costs being lowest in the Western region and highest in the New England states, but the premiums you pay for out-of-state tuition may erase any savings.
Investigate online options in your field of interest. Online programs often cost less, have lower fees, and don’t require you to pay for expensive on-campus housing or to pay for transportation to commute, and the ability to study at your own pace makes it easier to work while attending school and take care of your other responsibilities.
3- Cut Your Expenses
The largest potential cost savings is choosing an affordable place to live. Room and board cost $8,887 per year at an average public school and $10,089 per year at a private college. If your parents live near a college that has the program you want, you could save thousands of dollars by living at home and commuting to school.
If living at home isn’t an option, consider sharing an apartment with roommates. Off-campus options are generally cheaper than on-campus, and the more roommates you have the lower your expenses will be. However, make sure you OK it with your landlord and get everyone’s name on the lease.
4- Consider a Trade School
If you are interested in becoming an electrician, plumber, mechanic, home inspector, electrician, or general contractor, a trade school may be less expensive than college. An average trade school education costs about $33,000, which is less than some private schools cost for a single year. Additionally, many trade school programs can be completed in less than four years, which means you can rack up fewer loans and start earning a full-time salary faster.
5- Apply for Grants and Scholarships
Everyone wants them, so grants and scholarships aren’t easy to get. However, apply for as many as you qualify for, and make sure you apply for financial aid at your school. Most schools offer some kind of need-based financial aid that doesn’t have to be paid back.
Living your college dream debt-free isn’t an easy feat. However, with a combination of money-saving strategies and alternative funding, it can be done.
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