2 answers
Samantha
Student
Frederick, Maryland
1
Question
Asked
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What is the best way to stay out of debt during college without taking out a student loan ?
I am a High School senior and am hoping to get a degree in Business Administration and then take 2 years of religious studies. I do not want to have debt for the rest of my life, and college is expensive, especially if I am doing it for 5 years. I have taken about a year of dual enrollment, so I do not have to pay for one year, but it still feels like a lot. I am applying for a lot of scholarships, but I don't want to assume I am going to get many... I also do not like the idea of taking out a loan. Is it possible to not need a loan? I do have a part time job, but to keep up with school and everything else, I only work 11 hours a week.
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2 answers
Mike S.
Technical Writer
22
Answers
San Jose, California
Updated
Mike’s Answer
Hi Samantha,
I commend you for not being willing to take a student loan. In my opinion, it is best to have the least amount of debt possible. Zero debt is the goal. There are a few things you can do to try and reduce or even eliminate student loans.
First of all, apply for all of the scholarships possible, which you are already doing. It will be great if some of your applications succeed.
Check Local & Community Scholarships. These are often easier to win. These are less competitive because fewer people know about them. Consider these:
* Local community foundations
* Rotary Club, Lions Club, Kiwanis
* Local employers or industry groups
* Chamber of Commerce
* Credit unions or local banks
* State-level education programs (e.g., SmartSAVE Scholarships through MHEC.)
Ask your high school counselor about scholarships. Also, check and see if there are any scholarship programs available through your parents' employer.
Beware of Scholarship Scams. Here are some red flags:
* They request payment (“a processing fee” or “an application fee”).
* They guarantee scholarships.
* They pressure you to act quickly.
* They ask for extremely sensitive info like your SSN upfront.
Legitimate scholarships never charge money.
Besides scholarships, there are also other ways to reduce your expenses.
Try to reduce your living expenses. Will it be possible for you to live with your parents or relatives (hopefully rent-free) during college?
Another thing to consider is to start your college work at a two-year college and then transfer to a four-year college in your junior year. This is what I did. The tuition and book expenses were much lower at the two-year college, and I was careful to make sure that these two years would properly prepare me for the rest of my college work.
Holding a part-time job during college also helps. (You may need to keep your course load minimized so that you do not overload yourself. This can mean it will take you longer to graduate, but it can also save money in the long run.)
Save as much as you can from summer work if possible.
I was able to complete college with no debt, because I had help from others. Not everyone has this benefit.
If you do need to take on some debt, remember that it is an investment in yourself.
My hope is that everything will work out well for you.
Good Luck in all that you do.
- Mike
Here is a helpful (I hope) scholarship search tool: https://www.scholarships.com/support/frequently-asked-questions
I commend you for not being willing to take a student loan. In my opinion, it is best to have the least amount of debt possible. Zero debt is the goal. There are a few things you can do to try and reduce or even eliminate student loans.
First of all, apply for all of the scholarships possible, which you are already doing. It will be great if some of your applications succeed.
Check Local & Community Scholarships. These are often easier to win. These are less competitive because fewer people know about them. Consider these:
* Local community foundations
* Rotary Club, Lions Club, Kiwanis
* Local employers or industry groups
* Chamber of Commerce
* Credit unions or local banks
* State-level education programs (e.g., SmartSAVE Scholarships through MHEC.)
Ask your high school counselor about scholarships. Also, check and see if there are any scholarship programs available through your parents' employer.
Beware of Scholarship Scams. Here are some red flags:
* They request payment (“a processing fee” or “an application fee”).
* They guarantee scholarships.
* They pressure you to act quickly.
* They ask for extremely sensitive info like your SSN upfront.
Legitimate scholarships never charge money.
Besides scholarships, there are also other ways to reduce your expenses.
Try to reduce your living expenses. Will it be possible for you to live with your parents or relatives (hopefully rent-free) during college?
Another thing to consider is to start your college work at a two-year college and then transfer to a four-year college in your junior year. This is what I did. The tuition and book expenses were much lower at the two-year college, and I was careful to make sure that these two years would properly prepare me for the rest of my college work.
Holding a part-time job during college also helps. (You may need to keep your course load minimized so that you do not overload yourself. This can mean it will take you longer to graduate, but it can also save money in the long run.)
Save as much as you can from summer work if possible.
I was able to complete college with no debt, because I had help from others. Not everyone has this benefit.
If you do need to take on some debt, remember that it is an investment in yourself.
My hope is that everything will work out well for you.
Good Luck in all that you do.
- Mike
Mike recommends the following next steps:
Thank you so much! The tips sound super helpful and I will be looking into them! Also, I appreciate the "just keep working at it," and "it's possible," attitude. Thanks!
Samantha
J. Stephen Clayton
Retired
1
Answer
Greenville, South Carolina
Updated
J. Stephen’s Answer
I can share what worked well for me, and I hope it inspires you too. I earned a bachelor's degree without any debt, thanks to these three strategies:
- Scholarships: I didn't receive a lot, but every dollar made a difference.
- Part-time job: I worked at the business school's publication office and one of the university libraries.
- Reduced course load: I took fewer classes during the regular school year and attended summer sessions, but only for the last two years.
For my Master's degree, the Air Force covered the costs.
So, my fourth tip is to consider joining the military, where you can have your education funded.
- Scholarships: I didn't receive a lot, but every dollar made a difference.
- Part-time job: I worked at the business school's publication office and one of the university libraries.
- Reduced course load: I took fewer classes during the regular school year and attended summer sessions, but only for the last two years.
For my Master's degree, the Air Force covered the costs.
So, my fourth tip is to consider joining the military, where you can have your education funded.