Katelynn
What are the odds that I will be able to graduate from college without being deeply in debt?
#financial-services
6 answers
Benjamin Larson
Benjamin’s Answer
While there are cost saving approaches (community college, scholarships), or like I did - join the Army, I think that the stigma around student debt is somewhat misguided. My masters degree cost me 40k, which I paid with student loans. However, I got a new job earning 35K a year more after graduating. So even factoring in interest, my degree paid for itself in 2 years.
In most cases student debt is what I call good debt. It's not "throwing money away" like some people say. It isn't a fancy car or some other wasteful luxury. You are investing money now in the hopes you will earn more in the future. The median income gap between a college grad and a high school grad is about 17K a year (according to Pew Research). Even if you have to finance 100k, you're investment in yourself will provide a return in 6 years - not bad.
Christen Owston
Christen’s Answer
Sean Buchan
Sean’s Answer
It all depends on you. Creating a strategy before heading to college will give you the best probability of achieving your goal. I am getting ready to graduate with my MBA and have zero debt. I served ten years in the military, so my GI Bill certainly helped. But I also look to work for employers who offer tuition reimbursement.
find and apply for external scholarships, maximize your FAFSA, and ask the school about internal scholarships.
Starbucks offers all employees who work 20 hours a week or more to attend Arizona State University’s in-line college for free. Even books are paid for.
Kira Taylor
Kira’s Answer
It's important to pick a school that you feel you can stay at for the entirety of your degree. Any transfers that you make to other schools can add unforeseen costs when certain classes count at one school but not another, etc.
I would list out all the ways that you can potentially save money whilst going to school (living at home, going to a cheaper school, getting a job during school) and figure out which cost saving actions will work best for you and then figure out how you can make each one a reality. Just thinking about the question of how can you have less student debt before you start your degree is a great place to start!
Zachary Kalmer
Zachary’s Answer
My wife never went a day in college without having a job, she would work upwards of 30 hours regularly. She was nearly considered a full time employee while tackling a full time class schedule. She was a smart student and had a scholarship each year she was in school as well. She graduated with minimal (but some) student debt.
I didn't have a job at all my first year of college, and the rest of the time I had a few internships and a couple 15-20 hour a week jobs. I borrowed more than she did in order to be sure I had the ability to enjoy my college experience. I had a scholarship each year I was in school as well.
My wife found herself working nights and weekends in order to not have to borrow as much as I did. While she was working, I was spending my weekends and nights with friends. Is one way correct and one way wrong? I wouldn't say that. We both maintained our scholarships, and we went to a school that was much cheaper than the average. We both found ourselves in impressive jobs roles after graduation.
