“The expense of school expands each year. Indeed, even in a decent economy, numerous university students are paying off debtors. The necessities for students loans have turned out to be more stringent, and numerous university students graduate from college with an average debt of $25,000,a significant increase in debt over past decades. With diligent work, perseverance, and resourcefulness, you can reduce your student loan debt before you enter school, during school, and after you graduate.”
The cost of a college education has exploded to the point where using student loan debt to pay at least part of the cost has practically become a given. But even if student loan debt is a default choice, it’s still one that is best avoided or at least minimized.
Hundreds of thousands of young people are graduating college carrying tens of thousands of dollars in student loan debt, and more than a few are in the six-figure range.
Even if your child has an in-demand degree from a top university, this kind of financial burden could be starting him or her out in life with a huge disadvantage.
You can keep student loan debt to a minimum— or even eliminate it completely — by taking action well before they reach college age. And when they do reach that age, there are few things you can do even then that will make a difference.
Here are a few suggestions that you can use to minimize or eliminate the amount of student loan debt that your child will need in order to get a college education.
Apply for Financial Aid
The U.S. Department of Education provides $150 billion in financial aid of various types to more than 15 million students each year. Your child(ren) could be among them.
Two programs to look for specifically include grants (aid that does not need to be repaid), and work-study, which is exactly what the name implies.
The federal work-study program is particularly interesting. It is set up with the college or university and involves either community service or work related to the student’s course of study. The money earned is contributed to school related expenses.
Beyond federal government financial aid programs, check with the state where you live to see what programs they have available. You can also see if the college your child will attend offers any financial aid, or if there are any plans available through private organizations or non-profit entities.