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How much debt will you be in after college?

I want to attend a four-year college, but I'm also worried about debt and student loans. I'd like to take action that would prevent me from having to spend the rest of my life paying off debt ( like the 2 years at York tech free then going to an actual college). But if it will be worth it for the college experience, personal development, and somewhat independent living, I would be willing to do it. Simply tell me if it's worthwhile.

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Michael’s Answer

Hi Sashia,

Your high school advisor can provide guidance on financial options, applications and deadlines for college. There are Pell Grants, Scholarships and Loans that one can apply to finance a college education. Also, it is best to check with colleges and universities to see what scholarships are offered, forms, application deadlines, etc.

Some states like Georgia offer scholarships based on academic performance. Some companies like Chick-fil-A offer their outstanding team members scholarships. Options like these will help supplement the cash reserves for college tuition, books, fees, etc. Research will need to be done to see if the state of South Carolina offers scholarships based on academic performance.

Two Year Community Colleges are more affordable than the the first two years at a four year college or university. At the community college, one can complete most of the general elective courses that are required at a 4 year college or university. It will be less expensive and one can earn an Associates Degree. Please keep in mind to make sure that all of the general elective courses are transferrable for credits at a 4 year college or university and will count towards the Bachelors Degree and graduation.

Transferring from a 2 year community college to a 4 year college or university, one can still experience the college life, personal development and growth and independent living. As you mentioned, your goal is to graduate with the minimal amount of money owned to pay for your college degree.

Best wishes for your college years!

Michael recommends the following next steps:

Check with High School Advisor for financial options
Check with Colleges and Universities for scholarships
Attend and earn an Associates Degree at a community College
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Fred’s Answer

This is a hard question to answer. There are many, many variables and no way for us to know what each will be.

Scholarships, grants, loans, work study, AP credit, the actual tuition and room/board at the school all play a factor. Throw in personal savings, parent/grandparents, work/study programs...all these will affect how much debt you will have after graduation.

I think going to a community college or tech school would be a great way to save money, as long as the classes you take would transfer to the school/program you ultimately end up in. Where I live, you can even get grants to go to community college if you make good grades and volunteer enough in high school.

Your high school should have a college counselor you can speak with who can help guide you. Use them - they are a terrific resource.
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Derek’s Answer

That you're thinking about this tells me you're already a step ahead. Be a smart consumer when choosing / procuring any learning experiences. If it's overpriced for the expected career value/ROI then perhaps it's not a good investment. If it's 'too good to be true' pricing, then the quality probably isn't there either. There's also no need to do all your formal education at one time. Community college program, some work experience, then roll that into another college program, then more work experience. This phased strategy might be a way to even things out.
Thank you comment icon This was super helpful, thank you! Sashia
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Jennifer’s Answer

Depending on your own financial situation, one factor I would consider is applying for schools that aren't as costly by the semester, and if it is.. I would consider applying for scholarships (either through having high grades) or scholarships that you can find externally. I would also avoid taking student loans and only focusing on grants unless you absolutely have to. Living on campus is also one way debt increases so I would consider staying home if you are able to. I would also add if you would be the one paying for school, I would work with an advisor to create a savings plan so that you aren't starting out with absolutely $0.
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Bryan’s Answer

Sashia, you are wise to avoid going into debt for your education. You've already received some great answers to your question. I'll add that for some degree plans there are paid internships or Co-op programs available that allow you to alternate going to school for a semester or two and then working for a semester at a company doing work in your field of study. Depending on your field, these may pay better than a typical "summer job" and provide the added benefit of building related experience. When you graduate you could have 3-12 months of experience that will put you ahead of other graduates who only went to school or worked unrelated jobs. The pay from these internships or Co-op jobs may be enough to pay much of your way through school. Another benefit of these jobs is that you get a real understanding of that field to either confirm your choice or help you realize that you'd rather do something else.

Bryan recommends the following next steps:

Talk with your counselor to know whether your field of interest offers internships or Co-op programs.
Ask your counselor which fields of study offer internships or Co-op programs.
Seek out previous graduates of your school who completed internships or Co-op programs to learn about their experience with the program.
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Casey’s Answer

Good question and fair concern. Its key to understand if the degree you are looking into will sustain you (including debt incurred). You would be surprised on compensation for some careers. I would suggest talking to people in their current roles to get real life feedback and their experience post college, job opportunities and how they handled debt. I actually changed degree's based on the feedback I received. Specifically, to your question, college is worthwhile as long as you have realistic expectations on what you get when you're done. A degree can definitely open doors for you.
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