Consolidating student debt: Avoiding Debt While Attending College
College students today are carrying around $26,000 in average student loan debt. Borrowers struggling to make their monthly payments have found some relief through the Department of Education’s student loan consolidation programs. But for those aspiring students who are considering going to college but are unsure of how to pay for it, there still remains a significant concern.
Therefore, is it possible to complete college without accruing any debt? believe or not- it can be done! The question is: How?
First of all, it’s never too early to begin saving for college. Weekly allowances and “extra money” are given to children as young as 5 for household chores. Over the years prior to college, saving up those hard-earned dollars can add up. A minor can apply for a work permit from their high school once they turn 15 and start working. Those part-time jobs at the nearby fast food joint or grocery store could be the beginning of a college career free of debt.
In keeping with the idea of a job in terms of student loan debt, working for an employer that provides tuition reimbursement is another way to complete college without taking out loans. Even though working while in college is almost a given, aid for student loans may not always be in the form of loans. Some companies that offer tuition assistance programs include Apple, Starbucks, Target, Home Depot, Verizon Wireless, and Home Depot. While some only provide assistance to full-time workers, others, like UPS, qualify their employees for assistance even if they only work part-time. Employees in management positions are eligible to receive $4,000 in aid, while scholars are only eligible for up to $3,000 in aid.
The military is another option for obtaining student loan relief. Yes, if you serve in the military for at least three years, you can get your housing, books, and tuition paid for. Research the terms and conditions of using a GI Bill in advance if you are thinking seriously about joining the military to pay for college.
You don’t have to give up on trying to attend college debt-free if you’re not interested in serving in the military or are unsure of the realities of working while in school. How much you pay for school depends greatly on the college you choose. You might be able to receive financial aid for college if you put forth a lot of effort, achieve high academic standards, and perform well on the SAT. It would be wise to carefully crunch and compare the numbers before you make your final decision if you are being “courted” by several schools that are offering you scholarship money to attend.
When you enter the numbers to get a more accurate picture, a college’s package may not perform as well as it does on paper. Examine the options being presented to you carefully, and when making a choice, be careful not to let your feelings rule your judgment.
Financially, mentally, and emotionally committing to college is required. One of the best things you can do for yourself is to start taking action well before you even begin to apply for post-secondary education. if you really want to do all you can to graduate college without having a bunch of student loan debt, consider the tips above. It will ultimately save you. Consider student loan consolidation if you already have student loans but are having trouble making your payments. There’s a good chance your budget will get some relief.
