14 answers
Mayce
Student
Owasso, Oklahoma
1
Question
14 answers
Alex Huyghe
Senior Application Engineer
9
Answers
Berkley, Michigan
Updated
Alex’s Answer
Start at a community college and then transfer to your dream university. Community colleges are much cheaper, and sometimes even free. Focus on getting good grades and work closely with counselors to ensure your credits will transfer. Excelling in your classes can also boost your chances for scholarships. Apply for as many scholarships as you can; the effort will be worth it. Working while studying can be challenging, but it helps you avoid debt after graduation. Try to pay for as much as you can with your own money and avoid using student loans for daily expenses. By following these steps, you'll reduce your debt and gain valuable experience.
Alfonso Hernandez
Data Analysis
7
Answers
Houston, Texas
Updated
Alfonso’s Answer
Hi Mayce! Have you thought about going to another country for college? Check out programs in Germany—they offer free education for everyone, no matter where you're from. Many courses are in English, and top companies like Mercedes, Audi, Porsche, Bayern, and Siemens often support students with expenses. Plus, the government provides free German classes in your first year, so you can easily settle in. And if you're considering other options, Canada is a great choice too. It's more affordable than the US and offers quality education. Best of luck with your College education!
Charles Fannin
Cyber Security
4
Answers
Dade City, Florida
Updated
Charles’s Answer
This will vary depending on where you are at in your education lifecycle. Basically if you haven't started college yet then yeah listen to what others are telling you about community college first. I didn't do that but I also worked 2-3 jobs to pay off school as I was attending.
Let's answer your question from a few different perspectives.
Scenarios:
1) You are noticing you will have 100k debt and haven't finished schooling yet but have a few years to go.
- Do a little audit of yourself. Are you working currently? What is your bandwidth (ability to take on more responsibilities for yourself)? Do you have the opportunity for scholarships? (for me I didn't have any and that's ok just means you have to put in a little more effort than your neighbor).
- If you are working, can you upgrade to a better position to start paying now? I'd recommend getting a paying internship if possible as they usually pay well and are a great way to get experience in the career you are pursuing. Reach out to your career services department to see about opportunities.
- Have you sold your old textbooks yet? You can use that to pay towards your debt.
2) You are out of school staring at that 100k number with eyes as wide as a deer in headlights.
- well usually they give you some time before payments start. If you can do payments by groups like my servicer allowed then start paying the loan group that has the highest interest off first.
Example: Loan A: 10,000 4.5%, Loan B: 35,000 3.87%, Loan C: 55,000 4.15% Repayment starts back 1 year after graduation (fake numbers / payback period) You see Loan A has a interest rate of 4.5%. The way the service provider will break your loans down is by groups like this and with minimum payments for each group. A minimum is just that a minimum. Let's say your payments look like this Loan A 30, Loan B 120, Loan C 135. You then look at how much of a budge you have to work with for paying your loan off. Your total minimum payment is 285, let's say you can afford to pay 400 comfortably a month for student debt. Then you would put that extra 115 towards Loan A since it's interest rate is highest.
You might be asking yourself, well the interest amount will by higher on the 55k and 35k loans because they are larger quantities. When in reality you have to pay back 100,000 to the same service provider. So paying the dollars that have higher interest rates first ultimately reduces the total amount you have to pay over the lifetime of your payments.
One of my favorite courses in college was personal finance and the smartest advice that I took away from it was to manage your finances like you were a business.
So the first thing you really need to do is update your question with more information on what your situation is if you are looking for a more beneficial answer.
Let's answer your question from a few different perspectives.
Scenarios:
1) You are noticing you will have 100k debt and haven't finished schooling yet but have a few years to go.
- Do a little audit of yourself. Are you working currently? What is your bandwidth (ability to take on more responsibilities for yourself)? Do you have the opportunity for scholarships? (for me I didn't have any and that's ok just means you have to put in a little more effort than your neighbor).
- If you are working, can you upgrade to a better position to start paying now? I'd recommend getting a paying internship if possible as they usually pay well and are a great way to get experience in the career you are pursuing. Reach out to your career services department to see about opportunities.
- Have you sold your old textbooks yet? You can use that to pay towards your debt.
2) You are out of school staring at that 100k number with eyes as wide as a deer in headlights.
- well usually they give you some time before payments start. If you can do payments by groups like my servicer allowed then start paying the loan group that has the highest interest off first.
Example: Loan A: 10,000 4.5%, Loan B: 35,000 3.87%, Loan C: 55,000 4.15% Repayment starts back 1 year after graduation (fake numbers / payback period) You see Loan A has a interest rate of 4.5%. The way the service provider will break your loans down is by groups like this and with minimum payments for each group. A minimum is just that a minimum. Let's say your payments look like this Loan A 30, Loan B 120, Loan C 135. You then look at how much of a budge you have to work with for paying your loan off. Your total minimum payment is 285, let's say you can afford to pay 400 comfortably a month for student debt. Then you would put that extra 115 towards Loan A since it's interest rate is highest.
You might be asking yourself, well the interest amount will by higher on the 55k and 35k loans because they are larger quantities. When in reality you have to pay back 100,000 to the same service provider. So paying the dollars that have higher interest rates first ultimately reduces the total amount you have to pay over the lifetime of your payments.
One of my favorite courses in college was personal finance and the smartest advice that I took away from it was to manage your finances like you were a business.
So the first thing you really need to do is update your question with more information on what your situation is if you are looking for a more beneficial answer.
Molly Little
Consultant
3
Answers
New York, New York
Updated
Molly’s Answer
Completely agree - start at community college, and target career paths that pay well and have good job security.
Molly Newby
Payroll Manager
3
Answers
New Palestine, Indiana
Updated
Molly’s Answer
Seconding starting at community college! It's easy to get hung up on going to the "right" or "best" school, but once you start your career your skills and experience will matter more than where you went to school. Of course, you want to make sure the school you choose has an adequate program for your field, but any extras advertised are exactly that - extra! I'd suggest comparison shopping amongst schools to assess cost and the value associated - the more you can compare the better! Also, apply for as many scholarships as you can!
Faimie Fang
accounting
3
Answers
Culver City, California
Updated
Faimie’s Answer
Depends on what you want to major in. For a lot of majors, I feel like going to a community college for 2 years to do your GEs and then transferring to a university for the last 2 years for your major classes is the best way if you want to save money.
Stephanie Franks
Account Manager/ Accounting
2
Answers
Blairsville, Georgia
Updated
Stephanie’s Answer
I highly recommend starting at a community college. Strive to achieve good grades, as this can significantly boost your chances of earning scholarships. Community colleges also offer resources to help you apply for scholarships and transfer to your dream university.
Owen Durham
Valuation Consultant
3
Answers
Irvine, California
Updated
Owen’s Answer
A great place to start is search for college scholarships is with your high school counselor. School counselors will be able to connect you with real / reputable scholarships opportunities that are tailored to students in your area, including both local opportunities and national programs that are relevant to your background and interests. They will also provide guidance on application deadlines and help you put together a strong application. Another valuable resource is the financial aid section of the websites of the colleges you're interested in. Most colleges have their own scholarships, and you can usually find these by visiting their “financial aid office” page online. There, you’ll find information on scholarships for incoming freshmen and upper classmen, merit-based awards, and scholarships tied to specific departments or majors.
Lauren Rendina
Accounting
3
Answers
Seaford, New York
Updated
Lauren’s Answer
I would consider putting together a budget that can show how much you plan on setting aside every month to pay off your student loans along with your other monthly expenses. You can use loan calculators that can determine how long it will take you to pay off your student loans with a certain monthly payment vs. another amount.
In the meantime, you can consider picking up a part time job in between your school schedule for extra cash. This can be on campus, a small business, opening your own business, a grocery store, etc. You could even looking into a paid internship that may even be applicable for college credit.
In the meantime, you can consider picking up a part time job in between your school schedule for extra cash. This can be on campus, a small business, opening your own business, a grocery store, etc. You could even looking into a paid internship that may even be applicable for college credit.
Francisco Maldonado
Risk Assurance & Advisory
2
Answers
Santa Maria, California
Updated
Francisco’s Answer
Starting your education at a community college and then transferring to a university can be a smart and budget-friendly choice, depending on your major. This path lets you complete most of your general education courses while making sure you've picked the right major for you. To help cover college expenses, consider working part-time at a job offered by the university. This way, you can prioritize your studies and earn some money to support your education. Additionally, federal and local scholarships are excellent opportunities to significantly reduce the cost of attending college.
Kamila Jaroszewicz, CPA
Accounting
2
Answers
Highlands Ranch, Colorado
Updated
Kamila’s Answer
Starting at the community college for 2 years to get all your general education classes and transferring after that to your college of choice will save you a lot of money. Try also applying for any available scholarships and grants. Depending on the major that you want to pursue, but in general you don't start on your focused classes until your 3rd year of college, so you will not miss much in the first two years if you decide that route. But you will definitely save a lot of money. Just make sure that you work with your college advisor and that all your classes are transferable and applicable to your degree.
Rebecca Tang
Banking
2094
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am sorry to hear that you are short of funding for your college fees.
Below are my suggestions :
1. Explore any scholarship that you can apply
2. Check any grant/loans or subsidy is offered by the government, NGOs, etc. for college Please read carefully on the terms and conditions
3. Find part time jobs
4. Discuss with your parents on the financial arrangement
You can take a mix of the above to obtain the support for your college fee.
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions :
1. Explore any scholarship that you can apply
2. Check any grant/loans or subsidy is offered by the government, NGOs, etc. for college Please read carefully on the terms and conditions
3. Find part time jobs
4. Discuss with your parents on the financial arrangement
You can take a mix of the above to obtain the support for your college fee.
Hope this helps! Good Luck!
May Almighty God bless you!
Mars MacIntyre
Software Engineer
2
Answers
Cary, North Carolina
Updated
Mars’s Answer
Firstly, understand that $100k in student loan debt will be difficult to pay off. It is difficult but not impossible. If you choose that path for yourself, then you need to choose a career path that pays well. If your career path makes less than 60k a year, I highly recommend not going to a college that will put you in $100k loan debt. I will help illustrate how difficult 100k a year is.
Let's say you make $100k a year, after taxes, retirement, and employee benefits. Your biweekly pay will be around $2200 ( + or - $300) or $1100 weekly.
$1100 / week * 52 weeks/ year = $52,000.
Normal expenses (on the low end) :
rent (1 bedroom) - $1200/ month
electricity/water - $100
wifi - $100
Car - $400
This equals $21,600 a year.
So now your left over money is $52,000 - $21,600 = $30,400. This is without eating or going out/traveling. Let's say, for simplicity say put half of that money towards your student loans = $15,200.
If the interest rate of your student loan was 0%, it would take you 6.5 years to pay off that loan making $100k a year. But with the average loan of 7% it will most likely take you 9 years to pay off.
So, if you did everything right and still made a generous $100k a year, and avoided spending unnecessary money, it would still take you 9 years to pay off that loan.
Going to community college first and transferring to a public university is a great way to avoid going down the path of debt. Apply to every scholarship you can, many scholarships go unclaimed. You'd be surprised how many scholarship you might be able to get if you just applied.
Let's say you make $100k a year, after taxes, retirement, and employee benefits. Your biweekly pay will be around $2200 ( + or - $300) or $1100 weekly.
$1100 / week * 52 weeks/ year = $52,000.
Normal expenses (on the low end) :
rent (1 bedroom) - $1200/ month
electricity/water - $100
wifi - $100
Car - $400
This equals $21,600 a year.
So now your left over money is $52,000 - $21,600 = $30,400. This is without eating or going out/traveling. Let's say, for simplicity say put half of that money towards your student loans = $15,200.
If the interest rate of your student loan was 0%, it would take you 6.5 years to pay off that loan making $100k a year. But with the average loan of 7% it will most likely take you 9 years to pay off.
So, if you did everything right and still made a generous $100k a year, and avoided spending unnecessary money, it would still take you 9 years to pay off that loan.
Going to community college first and transferring to a public university is a great way to avoid going down the path of debt. Apply to every scholarship you can, many scholarships go unclaimed. You'd be surprised how many scholarship you might be able to get if you just applied.
John Ogren
Banker
11
Answers
Thornton, Colorado
Updated
John’s Answer
Going to college can be pricey, but there are ways to make it more affordable.
1) Employee benefits: Both you and your parents might have access to college assistance through work. Many employers offer around $2,000 to $3,000 a year for education. If your parents have similar benefits, that's another $2,000 to $3,000 a year. Together, this could add up to a significant amount.
2) Scholarships and grants: Treat applying for these like a job. Every $1,000 you earn in scholarships or grants is $1,000 less you need to pay. Many organizations want to give away money, but not enough people apply. Check out online resources to find scholarships that fit you.
https://www.forbes.com/advisor/student-loans/best-scholarship-websites/
3) Employment: Balancing a job with school can help reduce costs. While school should be your main focus, a part-time job can ease financial pressure. If you save half of your earnings for college expenses, you could save about $25,000 over four years.
By exploring these options, you can reduce your college debt significantly.
1) Employee benefits: Both you and your parents might have access to college assistance through work. Many employers offer around $2,000 to $3,000 a year for education. If your parents have similar benefits, that's another $2,000 to $3,000 a year. Together, this could add up to a significant amount.
2) Scholarships and grants: Treat applying for these like a job. Every $1,000 you earn in scholarships or grants is $1,000 less you need to pay. Many organizations want to give away money, but not enough people apply. Check out online resources to find scholarships that fit you.
https://www.forbes.com/advisor/student-loans/best-scholarship-websites/
3) Employment: Balancing a job with school can help reduce costs. While school should be your main focus, a part-time job can ease financial pressure. If you save half of your earnings for college expenses, you could save about $25,000 over four years.
By exploring these options, you can reduce your college debt significantly.
Delete Comment
Flag Comment