How To Get Out Of Debt And Still Get A College EducationBy BenOni | April 3, 2023
It’s no secret that college is expensive. In fact, the average cost of tuition and fees for the 2018-2019 school year was $35,676 at private colleges, $9,970 for in-state residents at public colleges, and $25,620 for out-of-state residents attending public universities, according to The College Board.
And while there are a number of ways to finance your education – including scholarships, grants, and student loans – it’s not always easy to come up with the money. In fact, 66% of college graduates leave school with student loan debt, owing an average of $28,650, according to a report from the Institute for College Access & Success.
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If you’re struggling to figure out how to pay for college, you’re not alone. But there are a few things you can do to ease the financial burden, including:
Apply for scholarships and grants
The first step is to fill out the Free Application for Federal Student Aid (FAFSA), which will determine your eligibility for federal grants, loans, and work-study programs. You should also look into state-specific financial aid programs, as well as scholarships offered by your college or university.
There are also a number of private scholarships available, many of which go unused because students don’t know they exist. To find private scholarships, conduct a search on a scholarship database like Scholarships.com or Fastweb.com.
Work during college
Working a part-time job during college can help you cover some of your costs, and it can also give you a chance to gain experience in your field of interest. Many colleges and universities offer work-study programs, which allow students to work on campus in exchange for a portion of their tuition.
If you don’t qualify for work-study, you can still look for part-time jobs off campus. Just be sure to factor in the cost of transportation and the time it will take you to commute when you’re considering a job.
Consider an alternative to traditional college
If the cost of tuition is simply too high, you may want to consider an alternative to traditional college. There are a number of options available, including online programs, community colleges, and trade schools.
Each option has its own set of pros and cons, so it’s important to do your research before you make a decision. But if you’re willing to consider an alternative to traditional college, you may be able to find a more affordable option that still allows you to achieve your educational goals.
No matter what route you decide to take, remember that there are a number of ways to finance your college education. By doing your research and exploring all of your options, you can find a way to pay for college that works for you.