Getting a college education is one of the best investments you can make in yourself, however it is also one of the most expensive. Nowadays a degree of some sort is almost regarded as being an essential if you are to succeed in your career. Unfortunately, the average American college graduate finishes their studies with over $30,000 worth of debt hovering over their heads – by no means an insignificant amount. Provided that you are willing to make adjustments to your lifestyle however, there are ways and means to survive this time without drowning in a sea of debt.
Reduce Your Academic Expenses
The prices of textbooks and other materials necessary for studying can be extortionate – to the tune of around $50 just for one text book! Although it’s important to have all of the resources that you need, if you continually buy brand new study materials then you will find that you wind up spending hundreds of dollars each semester. Afterall, the “recommended reading” for each module usually requires the use of several text books!
Instead of buying everything outright, look for second hand versions of the books (often you can find these from students one year ahead of you on your course or at the university campus store) or buy older versions online. You can also consider lending the books from your college library, or pooling funds together with your classmates in order to share the materials and the expenses.
Apply For Scholarships
Before you commence your college education, research all of the options available for scholarships. You may be surprised to discover that the amount of scholarships available are varied and extensive. You don’t have the be a Steven Hawkins style genius to receive funding for your college education.
In fact, scholarships can be granted for just about anything – from involving yourself in community projects, to having basketball skills that would give Kobe Bryant a run for his money.
Be Smart About Your Lending Choices
In a perfect world you wouldn’t have to take out a student loan to help you through your college education, however realistically you might just have to borrow a little in order to stay afloat financially during this time. Be smart when it comes to borrowing money – compare personal loans to ensure that you are getting the best deal, only take out what you need (no extra to pay for that wild spring break road trip you’ve been fantasizing about) and review your balance and repayment options frequently. After graduation, you could consider refinancing your student loan and consolidating the balance into one centralized loan. This way you can both minimize your interest repayments and make the debt more manageable by having it in one place.
Take On a Part Time Job
As a student you already have a lot of stresses and obligations to deal with – from impending thesis deadlines to last minute cramming for exams. It can feel as though taking on part time work is one extra stress that you simply don’t have time for, however making a little extra money to help you pay off your college fees can actually take a load off your mind by making your finances one less thing for you to worry about.
There are plenty of options when it comes to finding part time work. Work in the services and hospitality industries can be perfect for students (ie working in a bar, restaurant or hotel) since these types of positions tend to offer flexibility of schedule.
Find Freelance Work Online
Just as there are many part time work opportunities for students, there are also a lot of opportunities for making money online today that can both help your financial situation and help you in preparing for your future career. For example, maybe you are a Journalism student with aspirations of working for a national newspaper.
In this case you could find freelance writing work online. Similarly if you are a Graphic Design student you can likely find paid work online designing logos and designs for small businesses. Websites like Freelancer.com and Elance are great for finding paid word across a variety of creative industries.
Find an Employer Who Will Help You With Your Student Loan Debt
If you are likely to graduate from college with thousands of dollars worth of debt then you will want to find an employer that will help you to chip away at that debt, right? Approximately 60% of American employers offer tuition reimbursement for their employees. In other words, one of the “perks” of working for them is that they repay your student loan on your behalf. Companies offering such initiatives range from well known multinationals and chains like Starbucks, to middle sized companies.
Since over half of the employers out there offer this perk, it is worth keeping your eyes peeled for a company that falls into this category when looking for your first graduate role.
Apply For Grants
Depending on your personal circumstances you may or may not be eligible to receive grants for your college education. Grants are sums of money that are paid to eligible individuals to assist them with their expenses during their studies. Unlike student loans, grants do not have to be repaid.
The decision to provide someone with a grant is made based on financial need, and is typically restricted to those from low income families.
