16 answers
Destiny
Student
Plymouth, Wisconsin
1
Question
Asked
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What should I do if I'm scared of debt in college?
What should I do if I'm afraid of putting myself in debt for college, and am considering not pursuing my dream career because of it?
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16 answers
Herbert Webber
Police Sergeant (retired)
10
Answers
Roseville, California
Updated
Herbert’s Answer
I'm with Dexter on this. Don't sell yourself short, but be wise in how you proceed.
Be smart in selecting the college major for something you can use to support yourself and truly enjoy doing that way you are not wasting valuable money by bouncing from major to major.
If you can get financial assistance through military means then do so.
I used the Army GI bill for my college after 4 years in the Army. I currently have a grand daughter in the Navy who has gone through Navy Corpsman school. As a result she will be getting college benefits as well as getting a head start in medical training to be a nurse later on in life.
You could look to see if there is a military occupational specialty (MOS) that would fit your long term career goal.
Granted the military life is not for everyone, but it can teach you to deal with adversity. If you have military family members ask them what they would think of this option.
I pray that you are successful in your quest.
Be smart in selecting the college major for something you can use to support yourself and truly enjoy doing that way you are not wasting valuable money by bouncing from major to major.
If you can get financial assistance through military means then do so.
I used the Army GI bill for my college after 4 years in the Army. I currently have a grand daughter in the Navy who has gone through Navy Corpsman school. As a result she will be getting college benefits as well as getting a head start in medical training to be a nurse later on in life.
You could look to see if there is a military occupational specialty (MOS) that would fit your long term career goal.
Granted the military life is not for everyone, but it can teach you to deal with adversity. If you have military family members ask them what they would think of this option.
I pray that you are successful in your quest.
Robert McAdams
Software Engineer
30
Answers
Roseville, California
Updated
Robert’s Answer
Hi Destiny,
The subject of student loan debt isn't thought of nearly enough, and I am glad you are thinking of it before taking on that debt. I was in your boat. I didn't come from family money, so I had to pay for college on my own. That meant working through college, attending a Junior College and then transferring to a State University. But I did it, and the student loans were manageable, and the salary of my chosen field helped to pay them off.
You are right to be wary of student loan debt. (1) Not only can you waste the money by taking out loans to attend scam "universities" that are really just there to take as much money from you as possible (search for "Corinthians bankruptcy" and "ITT Tech bankruptcy" to read about some recent examples), and have those loans just "gone" and not able to be taken out again (you are only allotted a certain amount of the better/low interest rate student loans. Once you have spent it, that's it, you don't get it again). (2) Student loan debt is serious. It is one of the only types of debts which will stay with you barring extreme circumstances. It will stay on your record even through bankruptcy.
Not having a large amount of student loan debt hanging over your head is a good goal to have. But the loans themselves aren't the only factor.
While student loans themselves can be daunting, if you earn a degree in a high paying field, the loans become far less concerning. So, your choice of major is CRITICAL in determining how much debt you can take on. The more money you can make with a degree in one major versus another, and the more jobs available to holders of that degree, is a very large part of the equation you should be making. For example, Communications majors tend to have a hard time finding a job, because a lot of people major in Communications (mostly because it is "easy", and can be finished quickly in 3-4 years at most universities), and thus even if you land a job in that field, because there is a high supply of people with those degrees, and a low demand, the salary range for that job is low. Conversely, Math majors tend to be able to find a job working nearly anywhere they like (everyone needs people good with math), and the salaries range from decent to well over 6 figures (because a Math major is "hard" and not as many people do it). In general, jobs available to: Arts, English, Social Science, Philosophy, Humanities and similar majors don't pay as well, and you will have a harder time finding a job. Conversely, jobs available to Science, Math, Engineering, Computing, and similar majors tend to pay much better, and it can be easier to find a job.
You should also consider whether or not graduate school (or similar) will be a necessary step toward getting a job with your degree. For instance, there is no such thing (at any university I have every heard about) as a pre-medical undergraduate degree. If you want to become a medical doctor, you will have to first get an undergraduate degree (many people choose Chemistry or Biology), then you will HAVE TO attend medical school (which is a graduate school), and then a residency (essentially a paid internship, but you get to call yourself "doctor"). Same thing for those who wish to become lawyers (law school). And also for a lot of Humanities and Social Science degrees. Most BA/BS degrees in Humanities/Social Sciences are essentially worthless on the open job market, with most of the (few available) jobs open in those fields only to those who hold graduate degrees.
Whether or not grad school will be necessary for your choice of major should be a HUGE part of your calculations for student debt, as grad school is not cheap (nor easy to get into). And also keep in mind, even a law school graduate degree doesn't GUARANTEE you a job. The world has a lot of lawyers. Not all of them are making 6 figures.
All of that money and job talk can be broken down simply as this:
Low pay and/or difficulty finding a job == student debt that follows you well into your adult life.
Higher pay and an easier time finding a job == student debt which gets paid off much faster.
(+ add an additional 4-8 years of debt if grad school will be required)
Another factor to consider is whether or not you have a plan for a university education or not. University is not like high school. Nobody is going to call the truancy officer on you if you fail to attend class (although the professor may drop you from the class if you miss too often), nobody is going to remind you assignments are due, and nobody is going to take you by the hand and drag you along a pre-determined "graduation path" to ensure you graduate. University is for adults and, by and large, the vast majority of universities will treat you like an adult. That means that going to college to "find yourself" is a horrible plan if you aren't spending family money (and even if you are, your family likely won't like that plan either). If you haven't researched a major and a likely career to apply that major toward, then attending a 4-year university straight out of high school is going to cost you a lot of money, and if that money is coming from loans, you will rack up student debt at an eye watering rate as you bounce around classes trying to find a good fit.
So, the way to avoid taking on "too much" student loan debt is actually fairly easy:
(1) Have a plan. Research the job market and college majors BEFORE you enter a university. You don't have to have your complete 4 year plan nailed down, but you should at least know what you are leaning toward, how well the jobs pay in that field, and how available those jobs are. Also note that some colleges in some universities are harder to get into than others. E.G. the Computer Science programs in many universities tend to fill up quickly. If the major is full, then it's full. And, if your chosen major is competitive to get into, that means they will be using grades, and extra curriculars as determining factors to weed people out of the major.
(2) Know the costs of the universities you would like to attend, and have realistic understandings of your family finances. In general, Junior Colleges (JCs, sometimes called "city colleges") are the most affordable. Most JCs can only grant 2-year degrees, but they also almost always have a GUARANTEED admission program with the state schools in your area. That means once you successfully complete the classes in the transfer curriculum (it was called the IGETC when I was in university), you can transfer to your local state university, no questions asked. E.G. they have to accept you. So, if your grades weren't great one year in high school for some reason, a JC to State University is a great (and affordable) path to take to get through university. State Universities tend to be the next most expensive. Followed by University of State universities, then for-profit colleges (again, see lookup "Corinthians bankruptcy" and "ITT Tech bankruptcy" -- for-profit universities are not your friends), then private universities (such as Harvard, Rice, Yale, Stanford, etc.)
(3) Find out your state's student loan rules and laws. And have a family finances talk with your parents. Unless you are married, or legally emancipated, most states will treat you as a dependent of your parents, even if you have moved out of their house -- when it comes to financial aid. That means, if your parents make "too much" money (and it is lower than you might think), you may not be eligible for the better (low interest rate) student loans at all AND the state may decide that your parents WILL be giving you X amount of money for college (whether they actually will or not, they just decide that based on their income, and appealing their formula is extremely difficult), and all of that will affect the type and amount of financial aid you qualify to take out.
(4) Understand that attending any university, even a Junior College, out of state, is going to cost 4-20 times more than attending an in-state university (and if you go out of the country, the rates can be even higher). Ask yourself if having that much "freedom" from your living situation is worth that extra cost (and hey, sometimes it is, make the best decisions for you based on your situation).
(5) Have a realistic understanding of how much money you are taking out in loans, and how long it will take you to pay back in scenarios where you are in a high paying job with your chosen degree, a medium paying job, and a low paying job. Most universities will make you take some sort of online training class now before you can take out the loans, but those classes tend to do a poor job showing the math, and instead tend to focus more on the responsibility of paying the loans back (which is the only part of the equation they are concerned about).
(6) Apply for every scholarship and grant you can. Many of them go unclaimed simply because nobody applies.
(7) Live at home if at all possible, and go to university locally. While I totally understand the desire to be free from your parents' restrictions, and out from under the tyrannical fist of their house rules, if you can put up with it for 4 more years (or even only 2), that will save you a TREMENDOUS amount of money. Like, life-altering amounts. Living at home while attending a local university could mean the difference between getting an Arts degree you really want, and working in your dream job that pays moderately well, versus having to major in something you don't really like, just to be able to afford to pay off your student loans.
(8) Research company benefits when choosing which company to work for. Some of the better companies will offer help repaying student loans as part of your employee benefits, and they will help contribute up to 5, 10, even 20 thousand dollars to your overall student loan debt, over time (basically they will make an additional payment toward your student loans once per month, similar to them paying you your salary -- at no cost to you). If you can find a company in your field (for instance, Hewlett Packard Enterprise offered that to me when I started with them) that offers that as a benefit, that can greatly help reduce, or even eliminate your student loan burden.
Hope that helps you and anyone else reading this.
Good luck!
The subject of student loan debt isn't thought of nearly enough, and I am glad you are thinking of it before taking on that debt. I was in your boat. I didn't come from family money, so I had to pay for college on my own. That meant working through college, attending a Junior College and then transferring to a State University. But I did it, and the student loans were manageable, and the salary of my chosen field helped to pay them off.
You are right to be wary of student loan debt. (1) Not only can you waste the money by taking out loans to attend scam "universities" that are really just there to take as much money from you as possible (search for "Corinthians bankruptcy" and "ITT Tech bankruptcy" to read about some recent examples), and have those loans just "gone" and not able to be taken out again (you are only allotted a certain amount of the better/low interest rate student loans. Once you have spent it, that's it, you don't get it again). (2) Student loan debt is serious. It is one of the only types of debts which will stay with you barring extreme circumstances. It will stay on your record even through bankruptcy.
Not having a large amount of student loan debt hanging over your head is a good goal to have. But the loans themselves aren't the only factor.
While student loans themselves can be daunting, if you earn a degree in a high paying field, the loans become far less concerning. So, your choice of major is CRITICAL in determining how much debt you can take on. The more money you can make with a degree in one major versus another, and the more jobs available to holders of that degree, is a very large part of the equation you should be making. For example, Communications majors tend to have a hard time finding a job, because a lot of people major in Communications (mostly because it is "easy", and can be finished quickly in 3-4 years at most universities), and thus even if you land a job in that field, because there is a high supply of people with those degrees, and a low demand, the salary range for that job is low. Conversely, Math majors tend to be able to find a job working nearly anywhere they like (everyone needs people good with math), and the salaries range from decent to well over 6 figures (because a Math major is "hard" and not as many people do it). In general, jobs available to: Arts, English, Social Science, Philosophy, Humanities and similar majors don't pay as well, and you will have a harder time finding a job. Conversely, jobs available to Science, Math, Engineering, Computing, and similar majors tend to pay much better, and it can be easier to find a job.
You should also consider whether or not graduate school (or similar) will be a necessary step toward getting a job with your degree. For instance, there is no such thing (at any university I have every heard about) as a pre-medical undergraduate degree. If you want to become a medical doctor, you will have to first get an undergraduate degree (many people choose Chemistry or Biology), then you will HAVE TO attend medical school (which is a graduate school), and then a residency (essentially a paid internship, but you get to call yourself "doctor"). Same thing for those who wish to become lawyers (law school). And also for a lot of Humanities and Social Science degrees. Most BA/BS degrees in Humanities/Social Sciences are essentially worthless on the open job market, with most of the (few available) jobs open in those fields only to those who hold graduate degrees.
Whether or not grad school will be necessary for your choice of major should be a HUGE part of your calculations for student debt, as grad school is not cheap (nor easy to get into). And also keep in mind, even a law school graduate degree doesn't GUARANTEE you a job. The world has a lot of lawyers. Not all of them are making 6 figures.
All of that money and job talk can be broken down simply as this:
Low pay and/or difficulty finding a job == student debt that follows you well into your adult life.
Higher pay and an easier time finding a job == student debt which gets paid off much faster.
(+ add an additional 4-8 years of debt if grad school will be required)
Another factor to consider is whether or not you have a plan for a university education or not. University is not like high school. Nobody is going to call the truancy officer on you if you fail to attend class (although the professor may drop you from the class if you miss too often), nobody is going to remind you assignments are due, and nobody is going to take you by the hand and drag you along a pre-determined "graduation path" to ensure you graduate. University is for adults and, by and large, the vast majority of universities will treat you like an adult. That means that going to college to "find yourself" is a horrible plan if you aren't spending family money (and even if you are, your family likely won't like that plan either). If you haven't researched a major and a likely career to apply that major toward, then attending a 4-year university straight out of high school is going to cost you a lot of money, and if that money is coming from loans, you will rack up student debt at an eye watering rate as you bounce around classes trying to find a good fit.
So, the way to avoid taking on "too much" student loan debt is actually fairly easy:
(1) Have a plan. Research the job market and college majors BEFORE you enter a university. You don't have to have your complete 4 year plan nailed down, but you should at least know what you are leaning toward, how well the jobs pay in that field, and how available those jobs are. Also note that some colleges in some universities are harder to get into than others. E.G. the Computer Science programs in many universities tend to fill up quickly. If the major is full, then it's full. And, if your chosen major is competitive to get into, that means they will be using grades, and extra curriculars as determining factors to weed people out of the major.
(2) Know the costs of the universities you would like to attend, and have realistic understandings of your family finances. In general, Junior Colleges (JCs, sometimes called "city colleges") are the most affordable. Most JCs can only grant 2-year degrees, but they also almost always have a GUARANTEED admission program with the state schools in your area. That means once you successfully complete the classes in the transfer curriculum (it was called the IGETC when I was in university), you can transfer to your local state university, no questions asked. E.G. they have to accept you. So, if your grades weren't great one year in high school for some reason, a JC to State University is a great (and affordable) path to take to get through university. State Universities tend to be the next most expensive. Followed by University of State universities, then for-profit colleges (again, see lookup "Corinthians bankruptcy" and "ITT Tech bankruptcy" -- for-profit universities are not your friends), then private universities (such as Harvard, Rice, Yale, Stanford, etc.)
(3) Find out your state's student loan rules and laws. And have a family finances talk with your parents. Unless you are married, or legally emancipated, most states will treat you as a dependent of your parents, even if you have moved out of their house -- when it comes to financial aid. That means, if your parents make "too much" money (and it is lower than you might think), you may not be eligible for the better (low interest rate) student loans at all AND the state may decide that your parents WILL be giving you X amount of money for college (whether they actually will or not, they just decide that based on their income, and appealing their formula is extremely difficult), and all of that will affect the type and amount of financial aid you qualify to take out.
(4) Understand that attending any university, even a Junior College, out of state, is going to cost 4-20 times more than attending an in-state university (and if you go out of the country, the rates can be even higher). Ask yourself if having that much "freedom" from your living situation is worth that extra cost (and hey, sometimes it is, make the best decisions for you based on your situation).
(5) Have a realistic understanding of how much money you are taking out in loans, and how long it will take you to pay back in scenarios where you are in a high paying job with your chosen degree, a medium paying job, and a low paying job. Most universities will make you take some sort of online training class now before you can take out the loans, but those classes tend to do a poor job showing the math, and instead tend to focus more on the responsibility of paying the loans back (which is the only part of the equation they are concerned about).
(6) Apply for every scholarship and grant you can. Many of them go unclaimed simply because nobody applies.
(7) Live at home if at all possible, and go to university locally. While I totally understand the desire to be free from your parents' restrictions, and out from under the tyrannical fist of their house rules, if you can put up with it for 4 more years (or even only 2), that will save you a TREMENDOUS amount of money. Like, life-altering amounts. Living at home while attending a local university could mean the difference between getting an Arts degree you really want, and working in your dream job that pays moderately well, versus having to major in something you don't really like, just to be able to afford to pay off your student loans.
(8) Research company benefits when choosing which company to work for. Some of the better companies will offer help repaying student loans as part of your employee benefits, and they will help contribute up to 5, 10, even 20 thousand dollars to your overall student loan debt, over time (basically they will make an additional payment toward your student loans once per month, similar to them paying you your salary -- at no cost to you). If you can find a company in your field (for instance, Hewlett Packard Enterprise offered that to me when I started with them) that offers that as a benefit, that can greatly help reduce, or even eliminate your student loan burden.
Hope that helps you and anyone else reading this.
Good luck!
Paul Goetzinger MPA
Academic and Career Consultant and Freelance Writer
745
Answers
Seattle, Washington
Updated
Paul’s Answer
If there is a college, that you are interested in attending, I would check online with their Foundation office.
Usually private donors give large endowments to colleges, which provide a variety of scholarships and grants for attending students.
This might be an option to consider to help avoid debt, along with the FAFSA program.
Usually private donors give large endowments to colleges, which provide a variety of scholarships and grants for attending students.
This might be an option to consider to help avoid debt, along with the FAFSA program.
Kim Igleheart
Career Counselor | Police Officer
1738
Answers
San Antonio, Texas
Updated
Kim’s Answer
Consider getting only enough education to get your foot in the door. This could be an associates degree. Then get a job in customer service of a company with a good tuition assistance program, and use that to get your 4 year degree. Yes, you'd be going to school while working full time, but, it's a path taken by many. The military is another alternative. I have seen too many people go straight from HS to a master's degree, only to find once they started working that they had chosen the wrong path. The incremental approach will save you money, and get you some exposure. What you do NOT need to do is spend a lot of money to get the full "college experience." (dorm life, etc). Be wary of that path!
Kim
Kim
Megan Dorris Murphy
Supervisor, Order Execution
2
Answers
New Jersey, New Jersey
Updated
Megan’s Answer
Firstly, I think Deborah really hit the nail on the head. I viewed college as a way to pull myself up, but unfortunately didn't take into account cost, so kudos to you for planning ahead!
Things to consider:
+Picking a degree or certificate that leads to a job. Also determine if that job is worth the cost of the degree.
+Take a year off to save money and really plan
+Community college- in some states community colleges have a direct link with a state college which allows for a seamless transition while also saving you money.
+Plan on working while in college, and make sure you stick to a budget.
+Unless you're getting an unbelievably generous aid package, don't go to college out of state. It's significantly more expensive than in-state tuition.
Things to consider:
+Picking a degree or certificate that leads to a job. Also determine if that job is worth the cost of the degree.
+Take a year off to save money and really plan
+Community college- in some states community colleges have a direct link with a state college which allows for a seamless transition while also saving you money.
+Plan on working while in college, and make sure you stick to a budget.
+Unless you're getting an unbelievably generous aid package, don't go to college out of state. It's significantly more expensive than in-state tuition.
Mayank Sharma
Internal Auditor
10
Answers
New Delhi, Delhi, India
Updated
Mayank’s Answer
Managing college debt in the U.S. can be a challenge, but it is possible with careful planning and discipline. Here are some strategies you might consider:
1. Understand Your Loans: Make sure you understand the terms of your loans including interest rates, minimum payments, and repayment schedule. This will help you prioritize which loans to pay off first.
2. Create a Budget: List your monthly income and expenses to see where your money is going and how much you can realistically put towards your loans.
3. Pay More Than the Minimum: If possible, pay more than the minimum monthly payment. This will reduce the amount of interest you'll end up paying over the life of the loan.
4. Consider Loan Consolidation or Refinancing: Loan consolidation can simplify your payments, while refinancing can potentially lower your interest rate. However, both options come with pros and cons, so it's important to fully understand them before proceeding.
5. Look into Income-Driven Repayment Plans: These plans cap your monthly loan payments at a certain percentage of your discretionary income. They can be a good option if you're struggling to make payments.
6. Public Service Loan Forgiveness (PSLF): If you work for a government or not-for-profit organization, you might be eligible for loan forgiveness under the PSLF Program.
7. Automatic Payments: Setting up automatic payments can help ensure you don't miss any payments and may even qualify you for a small reduction in your interest rate with some lenders.
8. Save and Invest: As you start earning more, try to save and invest some of your income. This can provide a buffer in case of emergencies and may even help you pay off your loans faster.
Remember to consult with a financial advisor before making any major decisions related to your student loans. It's important to choose the strategy that best fits your personal financial situation.
1. Understand Your Loans: Make sure you understand the terms of your loans including interest rates, minimum payments, and repayment schedule. This will help you prioritize which loans to pay off first.
2. Create a Budget: List your monthly income and expenses to see where your money is going and how much you can realistically put towards your loans.
3. Pay More Than the Minimum: If possible, pay more than the minimum monthly payment. This will reduce the amount of interest you'll end up paying over the life of the loan.
4. Consider Loan Consolidation or Refinancing: Loan consolidation can simplify your payments, while refinancing can potentially lower your interest rate. However, both options come with pros and cons, so it's important to fully understand them before proceeding.
5. Look into Income-Driven Repayment Plans: These plans cap your monthly loan payments at a certain percentage of your discretionary income. They can be a good option if you're struggling to make payments.
6. Public Service Loan Forgiveness (PSLF): If you work for a government or not-for-profit organization, you might be eligible for loan forgiveness under the PSLF Program.
7. Automatic Payments: Setting up automatic payments can help ensure you don't miss any payments and may even qualify you for a small reduction in your interest rate with some lenders.
8. Save and Invest: As you start earning more, try to save and invest some of your income. This can provide a buffer in case of emergencies and may even help you pay off your loans faster.
Remember to consult with a financial advisor before making any major decisions related to your student loans. It's important to choose the strategy that best fits your personal financial situation.
Jeremy Pettet (he/him)
Management and Consulting
2
Answers
New York, New York
Updated
Jeremy’s Answer
First and foremost, I'm a firm believer that dreams don't have deadlines: your dream job may take longer to get to, or you may get creative about how you get there--but don't put pressure on yourself to have it all sorted out in 2-4 years or else think you just have to give up. Nothing could be further from the truth!
In many ways, debt is a fact of life--but how you accrue or manage debt, or avoid it all together, is entirely in your control.
As school and education goes, look at all possible options: consider the best schools for your dream job, then look at costs and time to your desired outcome--in this case, the outcome is a degree.
Narrow down your list of schools based on estimated costs, keeping in mind that community and in-state colleges are often more affordable. Some out of state schools have special agreements that allow students from specific other states attend without out of state costs.
Also, consider the possibility of attending school for a longer period of time, taking fewer classes but having 1-2 jobs on the side to earn money that can help pay for school. And be mindful of housing options and the built-in costs that come with housing on or off campus: will you need a car or can you walk and take public transit? Will you be able to use a meal plan that covers all of your meals for a week or will it be more effective to prepare meals at home and limit dining out, drinks, etc.?
No matter what you do -- and I cannot emphasize this enough -- you cannot put a price on your happiness and the joy that comes from doing something you love, something you care about. Even if it comes at a cost and requires some degree of debt, you are in control of those costs and as long as you plan for those costs--and expect some curveballs to be prepared for along the way (save some money for a rainy day fund!--you can find a way to your dream career.
In many ways, debt is a fact of life--but how you accrue or manage debt, or avoid it all together, is entirely in your control.
As school and education goes, look at all possible options: consider the best schools for your dream job, then look at costs and time to your desired outcome--in this case, the outcome is a degree.
Narrow down your list of schools based on estimated costs, keeping in mind that community and in-state colleges are often more affordable. Some out of state schools have special agreements that allow students from specific other states attend without out of state costs.
Also, consider the possibility of attending school for a longer period of time, taking fewer classes but having 1-2 jobs on the side to earn money that can help pay for school. And be mindful of housing options and the built-in costs that come with housing on or off campus: will you need a car or can you walk and take public transit? Will you be able to use a meal plan that covers all of your meals for a week or will it be more effective to prepare meals at home and limit dining out, drinks, etc.?
No matter what you do -- and I cannot emphasize this enough -- you cannot put a price on your happiness and the joy that comes from doing something you love, something you care about. Even if it comes at a cost and requires some degree of debt, you are in control of those costs and as long as you plan for those costs--and expect some curveballs to be prepared for along the way (save some money for a rainy day fund!--you can find a way to your dream career.
Michelle M.
Entertainment Industry
1879
Answers
Updated
Michelle’s Answer
Hello, Destiny !
Robert's advice is so outstanding and definitely provides you with pertinent and beneficial information ! I would also like to contribute to assisting you as the other professionals here have. There are so many things to consider for this issue.
Have you ever considered looking into No Loan Colleges ? There are 48 colleges that have a no loan financial aid policy but you should look into this or have a parent help you in discovering which college would be best for you. Although this will take a bit of research and lots of reading, you could always go in person to the college which you've planned to attend and ask about Loan refusal there and make up the absence of loans with Work Study, Scholarships and Grants. Be sure you understand everything about No Loan school and Loan Refusal before you make that commitment.
Another option may be to find out how many credits/units you must be enrolled in to get financial aid (without a loan) and take the minimal amount of courses in one semester and attend a summer session for one course. When I was in college, 12 units/credits were considered full time enrollment.
I would advise you that you should never give up your dream career because of financial worries. Everyone is concerned about college debt but everyone finds a way to follow through with their academic goals if the drive and inspiration are strong enough. Try not to let anything stand in your way and know that in your own time you can make decisions. If you ignore your academic and career dream now, it will be more stressful for you to return to school later on and things will be more expensive. The amount of work you do now to prepare for a debt free education will be time well spent. It's better to put the energy into it now so that you can have peace of mind in the end that you are not in debt. Your dream job is a precious plan and if there are barriers (which financials are always) they need to be overcome at this time, the sooner the better. You invest in your academics now which takes a few years, but you will have your career for a lifetime.
Read the articles in the links I have left for you below that explain No Loan College and pace yourself, plan and explore the options that are going to make it real to not owe any money upon graduation. I wish you all the very best ! Don't give up !
https://www.usnews.com/education/best-colleges/paying-for-college/articles/schools-that-meet-full-financial-need-with-no-loans
https://www.lendingtree.com/student/colleges-no-student-loans-policy/
https://www.elfi.com/what-is-a-no-loan-college-and-is-it-right-for-you/
https://thescholarshipsystem.com/blog-for-students-families/a-complete-list-of-no-loan-colleges-and-what-it-means-to-your-student/
https://unicreds.com/blog/no-loan-colleges
Robert's advice is so outstanding and definitely provides you with pertinent and beneficial information ! I would also like to contribute to assisting you as the other professionals here have. There are so many things to consider for this issue.
Have you ever considered looking into No Loan Colleges ? There are 48 colleges that have a no loan financial aid policy but you should look into this or have a parent help you in discovering which college would be best for you. Although this will take a bit of research and lots of reading, you could always go in person to the college which you've planned to attend and ask about Loan refusal there and make up the absence of loans with Work Study, Scholarships and Grants. Be sure you understand everything about No Loan school and Loan Refusal before you make that commitment.
Another option may be to find out how many credits/units you must be enrolled in to get financial aid (without a loan) and take the minimal amount of courses in one semester and attend a summer session for one course. When I was in college, 12 units/credits were considered full time enrollment.
I would advise you that you should never give up your dream career because of financial worries. Everyone is concerned about college debt but everyone finds a way to follow through with their academic goals if the drive and inspiration are strong enough. Try not to let anything stand in your way and know that in your own time you can make decisions. If you ignore your academic and career dream now, it will be more stressful for you to return to school later on and things will be more expensive. The amount of work you do now to prepare for a debt free education will be time well spent. It's better to put the energy into it now so that you can have peace of mind in the end that you are not in debt. Your dream job is a precious plan and if there are barriers (which financials are always) they need to be overcome at this time, the sooner the better. You invest in your academics now which takes a few years, but you will have your career for a lifetime.
Read the articles in the links I have left for you below that explain No Loan College and pace yourself, plan and explore the options that are going to make it real to not owe any money upon graduation. I wish you all the very best ! Don't give up !
Michelle recommends the following next steps:
Rich Hornstein
Run several small businesses
6
Answers
Huntington Beach, California
Updated
Rich’s Answer
An important factor in your career is your drive and enthusiasm for it . You’ll be willing to out work others to achieve more . Always bet on yourself and if this fiend requires sone debt then it’s money well spent.. Most successful businesses take on debt and out grow the cost of it and end up better faster. Like taking a mortgage on a house in a good neighborhood, you are doing better in the long run than paying cash in a weaker neighborhood
Good luck, believe in your best asset, YOU!
Good luck, believe in your best asset, YOU!
Brandon Olson
Tax Manager
52
Answers
Charlotte, North Carolina
Updated
Brandon’s Answer
Worried about college debt? You're not alone! It's a common worry, but with some careful planning, you can tackle it head-on. Here's a friendly guide to help you out:
Check Out Financial Aid:
There's a whole world of financial aid out there, including scholarships, grants, and work-study programs. Many colleges offer help based on your grades, talents, or financial situation. So, do some research and apply!
Compare College Costs:
Take a look at the costs of different colleges. Think about in-state and out-of-state options, public and private schools. Colleges with lower tuition rates can be a good choice, and starting at a community college for the first two years can also save you some money.
Think About Community College:
Starting at a community college is a smart way to get your general education requirements done without breaking the bank. It can really help to lower the overall cost of your education.
Work Part-Time:
Consider getting a part-time job while in college. It can help with living expenses and mean you don't have to rely so much on student loans. Some colleges even offer work-study programs on campus.
Plan Your Budget:
Make a realistic budget that includes tuition, living expenses, and everything else. Then, create a financial plan that shows how you'll cover these costs and manage your money during and after college.
Cut Unnecessary Costs:
Take a look at your lifestyle and see where you can save money. Maybe you could live off-campus, buy used textbooks, or cut out unnecessary expenses. Being careful with your money can really help to lighten the load.
Consider Part-Time or Online Study:
Part-time or online study options can let you work while you get your degree. This can give you flexibility and help you avoid piling up too much debt.
Talk to Financial Aid Advisors:
Set up some meetings with financial aid advisors at colleges you're thinking about. They can tell you about aid that's available, how to pay it back, and help you understand the financial side of your education.
Look at Alternative Education Paths:
Think about other education paths like vocational training, apprenticeships, or industry certifications. Some jobs don't need a traditional four-year degree, and these alternative paths can save you money.
Chat with Professionals:
Talk to people who are already doing the job you want. Ask them about their education. Some jobs value skills and experience more than specific degrees, and this can give you some new ideas.
Remember, your dream job is important, and there are many ways to get there. College is one option, but there are others that might fit better with your financial situation. Make a choice that's right for you, and don't be afraid to ask for advice from mentors, career advisors, and financial aid professionals.
Check Out Financial Aid:
There's a whole world of financial aid out there, including scholarships, grants, and work-study programs. Many colleges offer help based on your grades, talents, or financial situation. So, do some research and apply!
Compare College Costs:
Take a look at the costs of different colleges. Think about in-state and out-of-state options, public and private schools. Colleges with lower tuition rates can be a good choice, and starting at a community college for the first two years can also save you some money.
Think About Community College:
Starting at a community college is a smart way to get your general education requirements done without breaking the bank. It can really help to lower the overall cost of your education.
Work Part-Time:
Consider getting a part-time job while in college. It can help with living expenses and mean you don't have to rely so much on student loans. Some colleges even offer work-study programs on campus.
Plan Your Budget:
Make a realistic budget that includes tuition, living expenses, and everything else. Then, create a financial plan that shows how you'll cover these costs and manage your money during and after college.
Cut Unnecessary Costs:
Take a look at your lifestyle and see where you can save money. Maybe you could live off-campus, buy used textbooks, or cut out unnecessary expenses. Being careful with your money can really help to lighten the load.
Consider Part-Time or Online Study:
Part-time or online study options can let you work while you get your degree. This can give you flexibility and help you avoid piling up too much debt.
Talk to Financial Aid Advisors:
Set up some meetings with financial aid advisors at colleges you're thinking about. They can tell you about aid that's available, how to pay it back, and help you understand the financial side of your education.
Look at Alternative Education Paths:
Think about other education paths like vocational training, apprenticeships, or industry certifications. Some jobs don't need a traditional four-year degree, and these alternative paths can save you money.
Chat with Professionals:
Talk to people who are already doing the job you want. Ask them about their education. Some jobs value skills and experience more than specific degrees, and this can give you some new ideas.
Remember, your dream job is important, and there are many ways to get there. College is one option, but there are others that might fit better with your financial situation. Make a choice that's right for you, and don't be afraid to ask for advice from mentors, career advisors, and financial aid professionals.
Charlie Bernstein
Director
19
Answers
Murray, Utah
Updated
Charlie’s Answer
There are a few options here. If your family qualifies for financial aid, many schools will work to keep your costs down.
But let's assume that is not an option. I would start at Community College. In many states, classes are free or very inexpensive. You could get an associate degree in 2 years. You could then decide if you are in the position to continue for a 4-year degree and what the cost might be.
You could also start working after 2 years and go to school at night. Many companies offer tuition reimbursement for full time employees.
Good Luck.
But let's assume that is not an option. I would start at Community College. In many states, classes are free or very inexpensive. You could get an associate degree in 2 years. You could then decide if you are in the position to continue for a 4-year degree and what the cost might be.
You could also start working after 2 years and go to school at night. Many companies offer tuition reimbursement for full time employees.
Good Luck.
T T
18
Answers
Los Angeles, California
Updated
T’s Answer
If you're feeling scared about the prospect of student loan debt, it's essential to approach the situation with a proactive mindset. Start by thoroughly researching your loan options and understanding the terms and conditions. Look into federal student loans, which often offer more favorable terms, including income-driven repayment plans and potential loan forgiveness programs. Additionally, explore scholarship opportunities, grants, and work-study programs that can help reduce your overall financial burden.
Create a realistic budget and financial plan that includes your expected income after graduation and a repayment strategy. Consider part-time work or internships during your studies to help cover living expenses and minimize the need for excessive loans. If you're still concerned, talk to a financial aid advisor at your educational institution who can provide guidance and help you explore alternative funding sources. Remember that many individuals successfully manage student loan debt by being proactive, budget-conscious, and making informed decisions about their education and financial future.
Create a realistic budget and financial plan that includes your expected income after graduation and a repayment strategy. Consider part-time work or internships during your studies to help cover living expenses and minimize the need for excessive loans. If you're still concerned, talk to a financial aid advisor at your educational institution who can provide guidance and help you explore alternative funding sources. Remember that many individuals successfully manage student loan debt by being proactive, budget-conscious, and making informed decisions about their education and financial future.
Dexter Norris
Retired
4
Answers
Killeen, Texas
Updated
Dexter’s Answer
First never settle, even if it takes a while never settle for something that is just good enough. Scholarships through academic or athletic is an option there are all kinds of sports teams at universities. You could join the military for the tuition assistance and GI bill after wards as a veteran. And financial aid is an option as well just don't take more than it will pay.
Nathan White
business analyst
20
Answers
Newark, Delaware
Updated
Nathan’s Answer
Destiny,
Pursuing your dream career should not be de-railed by taking on debt. Sadly. debt is looked at in mostly a negative way when debt (certain kinds) is not a bad thing. For example, if you are planning on buying a house, you will likely have to get a mortgage. A mortgage is debt, but a mortgage is looked upon favorably if it's paid on time. Additionally, you can deduct the mortgage interest from your income on your taxes. Student loans (debt) work the same way. You can deduct a certain amount of your student loan interest on your taxes. Within reason, you should follow your passions in life and go for gold. You can look into getting a scholarship or a side job so that you won't have to take on debt or if you do you can pay it off sooner/faster. You can also speak to the college/university/school to see who might be able to be the best help for your situation.
Pursuing your dream career should not be de-railed by taking on debt. Sadly. debt is looked at in mostly a negative way when debt (certain kinds) is not a bad thing. For example, if you are planning on buying a house, you will likely have to get a mortgage. A mortgage is debt, but a mortgage is looked upon favorably if it's paid on time. Additionally, you can deduct the mortgage interest from your income on your taxes. Student loans (debt) work the same way. You can deduct a certain amount of your student loan interest on your taxes. Within reason, you should follow your passions in life and go for gold. You can look into getting a scholarship or a side job so that you won't have to take on debt or if you do you can pay it off sooner/faster. You can also speak to the college/university/school to see who might be able to be the best help for your situation.
Paige Hanley
Consultant
24
Answers
Redmond, Washington
Updated
Paige’s Answer
One more resource to share, this site lets you look at different colleges and different degrees to see which combinations have the most income potential and therefore the most likelihood of being able to pay back loans more easily. https://www.payscale.com/college-salary-report
deborah kania, bfa, mba
Marketing
65
Answers
New Bern, North Carolina
Updated
deborah’s Answer
Hello Destiny! What a great question. One way that helps me reduce fear is to gather information and speak with others. For the financial part of education, think about it not as debt, but as an investment. By doing your research, you can find affordable pathway to getting the degree for your dream job.
Think about what kind of job and salary would allow you to gain a positive "return on investment" for the cost of college. If you are hoping to keep college costs down, some options to consider:
- Attending community or junior college your first one or two years. Many college credits will transfer - like english, math, humanities, and even some of the classes in a college major
- Applying for financial aid
- Applying for scholarships
- Apprenticeships or "Coops" are available at some colleges where you work and go to school
- Save as much money as you can from part-time or summer jobs
- Delay college one year to save up money
- Take a personal financial management course while in high school to help you budget and manage expenses during and after college (to pay student loans and other expenses)
I hope my answer is helpful to you. Good luck!
Think about what kind of job and salary would allow you to gain a positive "return on investment" for the cost of college. If you are hoping to keep college costs down, some options to consider:
- Attending community or junior college your first one or two years. Many college credits will transfer - like english, math, humanities, and even some of the classes in a college major
- Applying for financial aid
- Applying for scholarships
- Apprenticeships or "Coops" are available at some colleges where you work and go to school
- Save as much money as you can from part-time or summer jobs
- Delay college one year to save up money
- Take a personal financial management course while in high school to help you budget and manage expenses during and after college (to pay student loans and other expenses)
I hope my answer is helpful to you. Good luck!
I love this advice! You really hit the nail on the head with this
Megan Dorris Murphy