Accumulating a lot of student loan college debt. When you started thinking about going to college, you probably never even thought about this. Instead you focused on enjoying yourself, making good grades, and earning a college degree. But the reality is sure to kick in later on
If you want to keep college loans to a minimum, you may be interested in these tips on how to avoid and eliminate student load debt.
Start Saving Early
The best way to avoid taking on a lot of student debt is to pay cash for your college education. That is easier said than done, because the cost of going to college continues to rise.
However, the more cash you have on hand to pay for your college degree the less debt you'll accumulate. If you start saving early, as soon as you are able to, you should have a healthy nest egg by the time you're ready to go to college.
Organization is the key to keeping student loan college debt to a minimum. Although you will have a lot of time to pay off any loans you do take out, not owing the money in the first place is preferable. You should create a plan of action for accumulating the funds necessary to pay for your college education. Make a household budgeting plan and stick to it. This personal budget should include a percentage that will go toward your college fund.
Get a Job
As soon as you're old enough to get a job, do so. Even if it doesn't bring in a lot of money, every little bit will help you prepare for your future--if you have the will power to save some of it. Having money in a savings account when it comes time to pay for college will alleviate some of the student loan college debt you could be building up.
Putting money in a savings account on a regular basis will teach you to be responsible and can become a habit that lasts a lifetime. Although your college years will be stressful due to the amount of time you'll have to spend studying, you should consider maintaining employment. Working your way through school is nothing new and can save a bundle in student loans.
Take Advanced Placement Courses
If you begin taking advanced placement courses while you're still in high school, you won't have as many credits to earn later on. These courses count towards a college degree and are offered in most high schools. Ask your guidance counselor for details.
Attend Community College
Instead of applying to a large, prestigious school you should consider attending a community college for the first two years. You can earn credits toward a degree while saving a lot of money. Community colleges offer roughly the same courses as a larger school at a fraction of the cost, which will help cut down on student loan college debt.
Go To College in Your Home State
After the first two years of school at a community college, you will more than likely have to transfer to a larger university in order to continue earning your degree. If you pick a school in the state in which you live, you will save a great deal of money. Attending a school out-of-state can add thousands of dollars a year to your tuition costs, not to mention the cost of going back and forth to your home during school breaks.
Live at Home
A tried and true method of saving money on the cost of college and thus avoiding a lot of student loan college debt is to live at home while you go to school. Of course, this may not be option, depending on where you live, but if your family resides anywhere near a college you should consider applying there and commuting back and forth to school.
You may be able to work out an arrangement with your parents and pay them a little bit for room and board. Every bit helps in avoiding or even eliminate student loan debt.
This guest post is from Pat Singer of AccreditedOnlineColleges.com.
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