How to Graduate from College Debt-Free

Student loan debt in the United States is over $1.71 trillion, with more than 44.7 million Americans carrying this type of debt. The number of people taking on student loan debt is growing higher every day. According to the Bureau of Labor Statistics, the number of people taking out student loans increased by seven percent in 2003 to 15 percent in 2012. Given these numbers, and the fact that the average student will graduate with approximately $30,000 in student debt, graduating college-free debt-free seems impossible.

It is not. It is possible to graduate from college without carrying an immense amount of debt, and 30 percent of students do it every year. Below are some tips you can follow if you want to graduate from college with the education you need, and not the debt you do not.

In-State Tuition

Tuition for in-state schools is drastically lower than the majority of private schools and other schools that are out of state. The average college tuition for students attending college in-state is approximately $10,000 less than students that attend school out-of-state.

Community College Transfer to Four-Year Programs

A very strategic way to graduate from college debt-free is to earn an associate degree at a two-year community college and then transfer to a four-year program in a different school. Community colleges are typically far less expensive than other institutions and attending one for two years will allow you to complete nearly all of your degree prerequisites without paying so much in tuition to do it. It is also important to note that only 17 percent of community college students rely on federal student loans, compared to 48 percent of their counterparts at four-year public institutions.

Attending College Online

Online college was becoming more popular even before the pandemic made it necessary for millions of college students across the country. The benefit of online college is that it is generally much cheaper than attending a brick-and-mortar college. When colleges offer distance learning programs, they often do so at a significantly discounted price than regular tuition. Students who attend a physical school end up paying approximately $85,000 for their college degrees, while graduates of online schooling options typically only pay approximately $30,000 for theirs.

It is also important to note that students who can attend online college while still living at home will save even more money, which can help them avoid going into debt. While living on campus, students must pay for all of their needs, including food, laundry, and more. Simply living at home and attending online college can save a student tens of thousands every year they are in school.

No-Loan Colleges

No-loan colleges give students certain opportunities when they meet certain financial aid requirements, such as eligibility for the Federal Pell Grant. When a college offers these programs, students are still allowed to take out loans, but they typically have a much lower rate than other types of student loans. Certain schools require students to contribute to their tuition by obtaining student employment on a part-time basis. Regardless of the arrangement, no-loan college programs can provide reasonable funding that can help students avoid going into debt.

Steps to Take Before College to Graduate Debt-Free

Although it is difficult for students to imagine how they will get through a school year without going into debt, there are steps that can be taken even before they enroll in college. These include:

• Become employed: Working during the summer to earn money that will help you in the fall when you go to college is one of the best ways to graduate from college debt-free. You may not think you can earn enough to fully cover your tuition and that may be the case. Still, every little bit helps when you are in college and if you have savings you can use to offset daily expenses, it will help you avoid going into debt.
• Save money: Yes, you will work so you can save money for school, but there are more official ways that will help you save money, and even save money in a smarter way. In Florida, students can take advantage of 529 plans that provide financial savings opportunities for students who want to set aside tuition money.
• Prior learning assessments: Prior learning assessments give students the opportunity to gain college credits while they are still in high school. This means less time spent in college gaining those credits, while spending even more, and less debt upon graduation.

Steps to Take During College to Graduate Debt-Free

Of course, preparing for college by saving is a great way to make sure you graduate from college debt-free. However, there are steps you can take while at school, too. These include:

• Become a Residence Advisor: Residence Advisors (RA) are students in residence who oversee their dorm and who foster a fun and welcoming environment. The job has perks too. These sometimes even include earning a part-time income, although housing is most often free and RAs are typically given a meal plan, as well, which greatly helps to offset the cost of college.
• Rent textbooks: Textbooks are expensive and there is a good chance you will not look at them again once you graduate. Consider renting your textbooks, or purchasing used books, that can help you save even more money, helping you to graduate from college debt-free.

When You Cannot Avoid It, Our Debt Defense Lawyers in Florida are Here to Help

The above tips are all very helpful when trying to avoid going into debt for college, but they are not always enough. If you are carrying a significant amount of student debt and you have been threatened with legal action, our Florida debt defense attorneys at Loan Lawyers can advise on your case. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation and to learn more about how we can help