There has been much attention and debate over the current state of student loan debt. As one of the fastest growing debt sources and bankruptcy filings among young Americans today, it is reaching epidemic proportions. Despite the growing costs of tuition, there are ways to minimize the chances of ending up in overwhelming debt over student loans.
Look For Grants
Most people assume that getting a grant for college is difficult or that they must fit a certain demographic. While there are plenty of grants available based on income, ethnicity or similar factors, there are plenty of other grant sources available for the average college student. These days students can obtain grants for being in a specific field of study, performing research studies, their hobbies or talents and even those that are offered in exchange for a promise to work for a company after college.
Shop School Prices
While everyone would love to have a degree from an elite University hanging on their wall, the truth is where a person gets their education means very little in the real world. College students should choose their school based on affordability, flexibility in scheduling and the degrees offered. Look for a college that has the best prices, offers some tuition assistance for work programs or can provide enough flexibility to have a job while going to school.
More students are finding that working while going to college is a necessity in order to make ends meet. Although working part or full-time while in school may take longer to complete the degree, it can help minimize the need for student loans. The best way to get through college is by paying for it along the way. Having a degree in 4 years with thousands of dollars in debt is a less preferred option to graduating in 6 years debt free.