Is it possible to payoff college loans while in school?
In her recent article, “It’s Possible To Graduate Debt Free, Here’s How” author Rebekah Bell offers
numerous suggestions for reducing college costs and eliminating education debt.
“In 2009, when I was applying to my dream college, my parents had one stipulation: graduate without debt.
I burst out laughing. There was no feasible way that a middle-class 19-year-old with average grades could
attend a college with a price tag of nearly $40,000 a year without taking out loans.
But now that I’ve graduated loan-free, I realize how lucky I am that my parents made this seemingly ridiculous demand.”
The author notes:
> 37 million Americans have student loan debt totaling $1 trillion
> Only 30% of borrowers are making payments on their loans
> At least 40% put off making a major purchase (car, home) because they can’t afford it
Although these facts a staggering, unless you are among the statistics or have children in or about
to enter college you may be unaware of what some economists are labeling the next bubble to burst.
There seems to be no end in sight to the escalation of college costs in our country and each year
millions of kids are denied the higher education experience due to finances.
A very sad reality indeed…
MS. Bell lists several useful suggestions that I wholeheartedly agree with and wish to include.
1. Think creatively…
-MS. Bell, “Take college credit courses while in high school. Attend a college close to home.online. Take some classes online. Reduce the number of credits you’re paying for at a premium rate.”
One smart choice is to attend a community college for the first two years, saving thousands of dollars.
2. Look hard for scholarships…
-MS. Bell, “Searching for scholarships and aid is tiring but can definitely pay off.”
My wife’s family sponsors a scholarship each year for their local high school and
believe it or not only 4-5 kids apply, really!
3. Use your skills…
-MS. Bell, “Figure out a way to use your college interests to earn extra money.”
This is where a business/marketing major can apply their knowledge and payoff college loans while in school.
4. Generate income…
-MS. Bell, “There are creative ways to make money.”
If you truly want to graduate debt free in today’s economic climate,
you must be creative and seek with an open mind ideas to generate income.
5. Make the most of summers…
-MS. Bell, “Take summer courses at a community college. One friend who did this was able to
graduate a semester early, thereby saving several thousand dollars on tuition.”
Wherever possible try to find a summer job in your field of interest, maybe a paid internship.
It is very important to use the summer months wisely.
6. Live frugally…
-MS.Bell, “Figure out simple ways to save money.”
I have two college kids. Frugally? LOL