Minimizing And Avoiding Student Loans

By Jon Ginsburg

The costs of post-secondary education are continuously on the rise. Students at colleges and universities must deal with escalating fees and tuition, as well as constantly increasing supply costs. Many turn to student loans, borrowing money without interest for the time that they are in school. However, once students graduate, the interest on their loans immediately goes into effect, often well before they are established in a solid job, which makes paying off their loans a massive task.

Is it possible to go through college without getting a student loan? Or at least, with minimal money borrowed, so that the loan isn’t completely overwhelming? With work, forethought and planning, the answer is a qualified yes. There will be a need for careful budgeting and some sacrifices, but it is indeed possible to graduate without the burden of massive student debt.

The first place to start is with the selection of schools and planning ahead for one’s entire degree. While registering immediately at the college or university of choice for your freshman year is tempting, there are other options worth considering. College tuition is typically much higher than that at a community college or through distance learning providers. Entry level, introductory classes are usually almost identical, though community colleges have the added benefit of smaller classes as well. By studying for your first year or two in a smaller school, and then transferring to a larger school for your specific program, yours costs and fees can be radically cut. This is particularly true for students who are able to still live in their family home, and therefore can avoid relocation and housing expenses as well.
Another option for reducing costs is to explore distance learning, particularly over the first year or two. As you can set your own schedule, it is easier to maintain a job, which will allow you to cover your current costs and possibly save towards future education as well, when fees will be higher, and working while in school may be more challenging.

A final option, which many students don’t consider, but which can be very viable, is to extend your studies from a four year program to a five year course of study. In this way, you allow yourself both more time to study, and also time for a part time job.

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