One of the most traumatic aspects of going to college can be the amount of the money that you owe. The Federal Reserve states that as of the second quarter of 2021 there was $1.73 trillion in student loan debt. The average cost for one student was about $38,792. That means that it could take ten to twenty years just to pay it back, with interest.
Avoiding this excess amount of debt should be a priority for all students. You need to think ahead while you are still in high school. Plan for your college education and make every move that you possibly can that will save you money.
Save Money Before College
Many high school students work as soon as they can. If you plan on going to college, you need to get a job when you are not in school. Whatever money you earn you need put away into a bank or a lock box. Cut back any expenses that are not required. If you need to, hand your money over to someone that you trust to keep it save for you, and from you.
Apply for every one that you can find. Your school counselor will have access to a book, or list, of the ones that are available. Check to see what you could qualify for and take the time to fill out their application. Some of them you need to plan for a couple years early so that you can make their minimum guidelines.
While you are working, and saving money, start learning how to budget. Perfecting this art will make things easier when you go off to your new school. Sit down and write out the bills that you need to pay. Write down any expenses that you must deal with, such as food or personal care items. Check your income against what you have going out, keep a little in your pocket, and put the rest into your savings so you can manage going to school without loans.
You might want to consider working a job for a year or two before you go to college. Many companies today will help with tuition. Some will only help with certain degrees, while others will allow you to get any type. Check into numerous companies and talk to their human resource manager to obtain more information about their specific plans.
When you are trying to decide which school to go to check around for several options. If you are not dead set on going to a specific school, such as an Ivy League School, check into a couple of community colleges for the first couple of years. It will be much cheaper and will give you a great foundation of credits while offering a good education.
Get a job that will work around your classes. Use the budgeting talents that you gained earlier and follow it. Do not steer away from it at all. If you have any money left over at the end of the month, put it away like before. Having a savings account could save your hide someday.
Getting yourself through college without huge student loans debts is possible. Many students can maneuver their ways through. Be diligent. Avoid unnecessary spending and remember that getting a good education is your priority.
That is not to say that you need to never go out and have fun. Part of the college experience is the social gatherings. Take in as much as you can, while spending as little money as possible.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.