Degree Without the Debt: Getting Your Child Through School Debt Free
College expenses are at record highs, and many families have to resort to taking out loans to afford a good education. Unfortunately, the burden of paying back these loans means that many former students are unable to get financing for other things such as a car or house. There are, however, several ways in which you can save enough money to avoid taking out loans for college.
Skip buying a meal plan.
College meal plans are probably the most expensive way to buy food. In addition to making you buy meals that you don’t want or won’t use, many of them can only be used at on-campus establishments that charge three or more times as much for snacks as the local grocery store. Instead of wasting money, buy snacks at the grocery store and cook your own meals at home or in your dorm room.
Live off campus.
While many colleges require freshmen to live on campus, living off campus after your first year is one of the best ways to save money. Students at UC Berkeley Off Campus Housing pay thousands less in rent than they would for on-campus housing. While you have to pay your own utilities, most students discover that this is cheaper than paying for on-campus housing that includes the cost to run the entire building’s utilities in the housing price. Living off campus has the additional benefit of helping your child be away from the part scenes at the fraternities and sororities. Especially if the walk or drive to their apartment is long, they will likely spend more time on campus studying, and make fewer trips home for naps and socializing.
Plan your classes carefully.
Colleges make money every semester that you’re there, so be there as few semesters as possible. In order to do that you’ll need to plan when you’re taking the classes you need to graduate. Do not leave holes in your schedule that you’ll end up filling with “electives” that will cost you money and won’t help you to graduate. Most of the experience that potential employers will look for won’t come in the types of classes you have taken, as much as the extra-curricular activities you are involved in. Competitions, service clubs, and professional associations will all impress a potential employer, and likely teach you much more than any electives you might have taken.
Wait a week before buying textbooks.
Most classes have a required textbook, but a lot of professors will tell you if you really need to buy it or not. You might be able to save a lot by just checking it out of the library for the weeks you need it, or photocopying the one or two chapters the instructor will actually use. Often times the library will have a reference copy of the textbook that you could borrow to do required reading. By waiting on your textbooks, and buying the ones you need off of students who just took the class, you could save a bundle of cash. Many schools will have unofficial facebook pages where students can buy and sell books and class materials that they won’t need after the semester is over.
The more money you save, the less you’ll have to take out in loans. You may also want to consider spreading out your classes so that you can earn enough money to pay for classes in cash. It will take longer, but you’ll finish college debt free and with work experience. Even if you think that the goal of graduating debt free is impossible, you have to remember that the options are increasing, and you take school one semester at a time. Universities will be facing more pressure in the upcoming years to lower costs, and it wouldn’t be surprising if more options became available to help reduce the burden of school costs on students.
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Category: Education, Student Loans
