How can I escape college debt free?

[questions]

I'm a junior in high school and am starting to look at colleges that I may attend after graduation. My older brother graduated last year with $40k in student loans. Is it possible for me to graduate college debt free?

My parents don't have the means to pay more than a token amount to help me with my college costs. I'm a good student, but not a top student so scholarships are not an option. Please give me advice on what I should do so I can still go to college, but when I get out I don't have a huge amount of debt.

[MonkeyMama]

I wouldn't rule out grants and scholarships. Also, do well in college and there are more scholarship opportunities. I didn't qualify for much in high school and I was a top student (need was more the issues since I didn't have a "need") but my last year was entirely paid for by scholarships.

Also, I didn't have debt because I went to an affordable state college (think $2k/year), took some community college classes and worked throughout school.

If I had to do over I would consider doing community college the first 2 years. IT would have been considerably cheaper.

Be prepared to work very hard and you can and least lower the amount of loans you need to rely on. If you can make a decent amount working (work extra hard in the summers when you don't have class) and do great in school, you will take on less debt that otherwise.

[disneysteve]

Please give me advice on what I should do so I can still go to college, but when I get out I don't have a huge amount of debt.

I think the single best thing you can do is to choose an affordable school. Go to a community college or an inexpensive state school. If the total bill isn't bad to start with, the chance of racking up significant debt is much lower.

The other factor is living lean while in college. If you take expensive spring break trips with your friends, spend a lot of entertainment, buy all your textbooks new, hang out at the mall a lot, etc., you're going to spend more money than needed.
Definitely stay away from the credit card booths offering you a free t-shirt or some other enticement to sign up with them.

The other aspect, of course, is income. Get a job. Just be careful that you don't let work interfere with school. I think 10-15 hours/week is probably manageable for most students. More than that and schoolwork starts suffering.

[Wink]

I work at a community college as a career counselor/academic advisor. I would also suggest that you consider your first 2 years at a CC. Check with the financial aid office to ask about grants, scholarships etc. There are numerous options. In most cases you can transfer most, if not all of your CC credits to a 4 year college to finish your last 2 years.

Some students decide to work fulltime and go to school part time and in some cases their employers pick up the tab for their tuition if the classes are work related. This option might be tough in todays job market/economy though.

Whatever you decide, please stay away from credit card offers to college students, unless you are very financially responsible and can pay them off in full every month.

[am_vanquish]

Also, I didn't have debt because I went to an affordable state college (think $2k/year), took some community college classes and worked throughout school.

Be prepared to work very hard and you can and least lower the amount of loans you need to rely on. If you can make a decent amount working (work extra hard in the summers when you don't have class) and do great in school, you will take on less debt that otherwise.

AMEN!!! I know EXACTLY where you're coming from questions. I just graduated last May, and I did EVERYTHING in my power to graduate with no debt. I turned down partial scholarship offers from expensive out-of-state & private schools to attend a public in-state school that wasn't as prestigious, but much more affordable. I worked 25+ hours every week & lived a frugal lifestyle (you'll be amazed how much $$$ your classmates spend on Friday nights at bars ... which is great for the bartenders!)

I worked my @$$ off in the classroom too. I wound up getting more scholarship money my 2nd & 3rd years than I did as a freshman, mostly from being involved in my major's department. There's also money available to upperclassmen from under-privileged families that isn't available for underclassmen, talk around at the schools you're looking at.

In case it hasn't been emphasized enough, WORK HARD!!! I took over 18 hours of class every semester and graduated in 3 years. That saved me a TON of money on scholarships. You DO NOT have to be smart to do this ... you only have to manage your time VERY well and work VERY hard.

As a final point, I'm a perfect example of how going to a less-prestigious but affordable school will not affect your job prospects at graduation if you stay focused & work hard. I've got a great job, even despite going to a mediocre school. It's more about your hard work & personality than the namesake of your alma mater.

[kork13]

First, I'll echo MonkeyMama... Don't rule out scholarships/grants. I wasn't a 'top student' by any means (just barely in the top 25% in my high school...like, I sat at the 23% line), but still managed to get a scholarship and just graduated in May w/o any college debt. Also, many scholarships aren't solely academic-based. Many, many scholarships are based on athletics, civics (community involvement), need, line of study, or even just writing/submitting essays. Look around for little scholarships (even just $500 or less), and apply for as many as you can. A bunch of little ones definitely add up.

Beyond that, I'll echo many of the rest... The first 2 years at most colleges are just basic requirement courses (english, math, history, etc.)... you can take most of these VERY cheaply at a community college, then transfer those credits to the college you want to finish your degree at. Just make sure that the CC you use is accredited, and that the college(s) you're looking at will accept those credits.

Finally, many employers will help pay tuition costs. If nothing else, it's always worth asking. A good employer wants to develop his/her employees, because you tend to get better-quality work/projects/products from them. Another possibility, many companies out there will sponsor you to get a degree, after which you have the added benefit of a guaranteed job with them upon completion of your degree as the provision of your tuition-assistance.

[minnie1928]

The community college is a good idea, but an even cheaper idea is to take CLEP tests instead of the actual class. I didn't discover this gem until I was almost done my sophomore year. Basically what the CLEP does is that you take a test to demonstrate that you are proficient in the subject. I took a CLEP test in Marketing, it cost about $50 at the time. The test was THE EASIEST test I've ever taken. The subject matter may have had something to do with it because many of the questions dealt with things that a normal consumer would know.

The nice thing is that the tests are pass/fail and the credit is transferred into the college as a pass/fail. Mine did not impact my GPA at all, it was neutral.

If you look into this, you could easily get books on the subject matter at Borders/Barnes & Noble. I think I even saw CLEP specific books...

At my college, I could transfer (which is how a CLEP is treated) up to 60 credits.

Take a look at: About the College Level Examination Program (CLEP)

[arthurb999]

i went to state school and only owed ~25K when I graduated. It was money well spent as I had an incredible time (was in a fraternity) and most likely make a lot more money that I would have.

[jIM_Ohio]

What is your intended major or field of study?

[Joan.of.the.Arch]

Look into whether some of the subjects you might major in require or even offer co-op programs where you take off a semester for paid work in the field, or work in the field part-time during the course of study. I think co-op required at an engineering school in my state, for example. I talked to some engineering students and they got superb pay for students as well as having their apartments paid for by the co-op employer in some cases. They were able to return to school the next semester with good savings.

Similar to the idea of going to a community college, there is the idea of taking your education in a stepwise fashion. There are technical schools which may or may not offer an associate degree, but which issue a certificate that gets you into employment in a given field within any where from 6 weeks to 2.5 years, depending on what you are learning. Then after securing work in the field, you can return to a school that offers further degrees. Again, using my own state as an example, there is a state technical school at which you can learn things like the job of a technician in a nuclear power plant (think Homer Simpson ). There really is no other step into that position but to go to such a school. But the job does not have to be dead end. With it, you are well prepared to move up to other engineering education and have an excellent chance of getting the rest of your education paid for through state scholarship.

[jIM_Ohio]

Look into whether some of the subjects you might major in require or even offer co-op programs where you take off a semester for paid work in the field, or work in the field part-time during the course of study. I think co-op required at an engineering school in my state, for example. I talked to some engineering students and they got superb pay for students as well as having their apartments paid for by the co-op employer in some cases. They were able to return to school the next semester with good savings.

Similar to the idea of going to a community college, there is the idea of taking your education in a stepwise fashion. There are technical schools which may or may not offer an associate degree, but which issue a certificate that gets you into employment in a given field within any where from 6 weeks to 2.5 years, depending on what you are learning. Then after securing work in the field, you can return to a school that offers further degrees. Again, using my own state as an example, there is a state technical school at which you can learn things like the job of a technician in a nuclear power plant (think Homer Simpson ). There really is no other step into that position but to go to such a school. But the job does not have to be dead end. With it, you are well prepared to move up to other engineering education and have an excellent chance of getting the rest of your education paid for through state scholarship.

This is why I asked about field of study. I am one of those co-op engineering students turned graduate which had money in college.

Of course I spent my money on booze, women and roadtrips.

[Goldy1]

I have a 4 year degree in teaching with a 3.5 Please research your job prospects. I wish I would have just got an associates in nursing or dental hygiene etc. My parents paid, but I never got a good teachin gjob, just p/t low paying tutoring etc.
My dh has made more than a teacher with experience off a one year cad/cam job . Enjoy college. I loved it so much.

[cptacek]

Look for performance scholarships as well. Maybe you can't dribble or catch a football...or maybe you can at a lower-than-Division-1 level. Can you sing? Dance? Cheer? Rodeo? Act? Play an instrument? Be an assistant coach (even if all you do is wash uniforms and attend games, you can get money for this)? Weight coach? Are you in 4-H or FFA (they give scholarships). Can you be a resident assistant (free room and board AFAIK for unlocking doors for kids who forgot their keys)? Can you qualify for work study? I think that income is tax free, btw.

[DebbieL]

I'm currently earning my business degree at a community college (which is a very good school). I work full-time, and take 3 evening courses. (3 in the fall, 3 in the winter, 1 class in the spring, 1 class in the summer). I take 8 courses per year (as opposed to 10 courses that a typical full-time student takes), so my degree will take 5 years instead of 4. However, I have no debt and am able to pay all my living expenses, continue to raise my teenage daughter, continue building my savings, and will come out of it with a very profitable career when I'm finished (accounting).

My tuition during the fall and winter terms comes to just under $1k(per term), and this includes extended medical/dental plan for myself and my family and a bus pass for the duration of my studies. I sold my car last spring and mostly get around on bus (I live in a very easy town to do this - plus I'm right on the bus route). I buy most of my texts used from other students which is way cheaper than the campus bookstore (even for their used texts they want alot). My tuition in the Spring and Summer comes to about $350 per term.

My annual school costs: approximately $2,700 for tuition + approximately $500 for texts.

I know quite a few people who are paying for their college/university with little or no debt by working at the same time like I am doing.

Good luck to you!

[Alex_Adviser]

Hi there,

There are a number of different need-based grants, such as Pell grants, SMART grants, and SEOG grants. There are grants provided by the federal government and grants provided by the states. If you know where you are going to school, you should probably call or visit your school and ask for information about grants and other student aid. You can also find a lot of information by searching online.

The first step in applying for financial aid, such as grants, is filling out the Free Application for Federal Student Aid, or FAFSA. The FAFSA has a little over 100 questions that help the government and institutions get a good picture of your financial and academic standing. A lot of financial documentation is required to complete the form, so you should give yourself plenty of time. To make things as easy as possible, you should use the FAFSA4Caster, which is an online application that helps you estimate your eligibility for federal student aid. The information you enter in the FAFSA4Caster can also be ported to the real application, which will save you some time.

Regards