5 Ways to Avoid Student Loan Debt

1. Start saving early!
   • This one may or may not apply to you depending on how old you are - or perhaps you are older and are considering returning to school in the future. Well, start saving now. Depending on what school you want to go to and what your income level is, you should be able to put away several thousand dollars hopefully before your first day of classes to get you off to a roaring start.
2. Take it slow
   • Actuarial Tables will usually show you that the more time you spend in school, the more expensive it is, but this method would allow most people to work their way through school at a more affordable rate. A part-time job at most places will be enough to buy your semester’s tuition and books ahead of schedule if you start a few months before you enter. Keep yourself at less than full-time and work a Semester ahead (Paying for Spring by working through Fall).
3. Load up on scholarships
   • You don’t have to be a super-genius in order to get a scholarship for school. Some scholarships out there exist to give a person like you money just because you’re you, believe it or not. the trick is to find these scholarships wherever they may be and apply to them religiously every time they become available. You could pick up a $200 one here or a $500 one there, and with two or three of them easily cover your tuition and books without lifting a finger otherwise.
4. Take an Internship
   • There are companies out there that hire (intern) students in relevant degree programs. The payment they receive is their continued education instead of a weekly check - or sometimes a little of both. Again, research is the key to finding out if such businesses exist around your school for your particular major.
5. Look into Grants
   • Grants are like scholarships, except scholarships are given for a particular (usually academic or athletic) merit, grants are given usually based on financial need. If your last name isn’t Gates or Rockefeller, you might be able to qualify for a grant (free money that you don’t have to repay), to help cover he cost of your tuition, books and even housing. Check with your school’s financial aid office to see what the qualifications are for the grants they offer.

When all is said and done, if you must take out loans for school, make sure to keep it at as minimal as possible. Don’t borrow thousands extra if you don’t need it and if you can manage, stick with the subsidized (interest-free until you graduate), rather than unsubsidized loans. Either way, a college education is worth the blood, sweat and tears required to gain it…even if you have to shed blood, sweat and tears after graduation to pay for it!

Relevant Links:
College Scholarships
College Grants