There is present $1.75 trillion in outstanding student debt in the United States, with the average borrower owing $28,950.
These numbers demonstrate how student loan debt has affected the entire population, including the elderly. Given this reality, you may wonder what you or your children can do to avoid being permanently burdened by student loan debt. The good news is that you do not have to abandon your college education simply because you cannot afford it or have too much debt.
Unforeseen College Expenses
College Ave polled 1,083 four-year undergraduates and found that 67% spent more on college than intended. Joe DePaulo, co-founder, and CEO of College Ave Student Loans, said tuition and fees, books and supplies, and housing were the most unexpected college prices.
DePaulo recommends anticipating and preparing for any additional, non-tuition-related costs that may arise throughout college.
Make an Informed Decision When Choosing a School
One of the greatest methods to reduce student loan debt is to attend a less expensive school, which is simple in theory but not always simple in practice. This involves looking for colleges with reduced tuition and fees all around rather than chasing after prestigious but expensive institutions.
Choosing a school within your home state might also help you save money or A 2+2 curriculum that includes a community college is another option to consider.
Apply for All Financial Aid
Consider grants and scholarships. Fill out the FAFSA on the Federal Student Aid website. FAFSA information determines eligibility for federal, state, and numerous private and school-based scholarships and awards. Next, check local private organizations and your parents’ professional networks for opportunities.
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Start working part-time
Part-time college students excel more than their non-working counterparts. You can earn money toward your education costs and improve your time management skills by taking up a part-time job while still in school.
However, this plan will succeed only if the funds are dedicated solely to education rather than being spent frivolously.
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