5 answers
6
Asked 313 views

What are alternatives to taking out student loans for college?

This is part of our professionals series, where we ask professionals what they think students should know

college financial-aid
Answer This

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you
6

5 answers

0
Updated
Share a link to this answer
Share a link to this answer

Chirayu’s Answer

There are several alternatives to taking out student loans for college - Scholarships and grants are financial aid that does not have to be repaid. They are typically based on merit or financial need and can be awarded by colleges, private organizations, or the government. Work-study programs provide part-time jobs to students, usually on-campus, to help pay for college expenses. The money earned is used to pay for tuition, books, and other expenses. If you or your family have been saving for college, this can be a great way to pay for your education. Even small contributions over time can add up and help offset the cost of tuition. Many colleges offer payment plans that allow you to spread out the cost of tuition over the course of the semester or year, making it more manageable. You can try crowdfunding websites to raise money for college expenses. This is a great option if you have a compelling story and can get the word out to a large audience. Some employers offer tuition reimbursement programs to help their employees further their education. This can be a great way to offset the cost of tuition while gaining valuable work experience. It's important to research and explore all of your options when it comes to paying for college. By taking advantage of these alternatives to student loans, you can reduce your debt burden and set yourself up for financial success after graduation.
0
0
Updated
Share a link to this answer
Share a link to this answer

Eric’s Answer

If attending a low cost college one can possibly pay for college by working full time during the summer to pay for tuition and then take on a part-time job during the school year to pay for monthly living expenses. It requires some planning, discipline and dedication, but it can be done.
0
0
Updated
Share a link to this answer
Share a link to this answer

Yasemin’s Answer

Hello! Great question! In addition to the valuable answers here, there is also the option of doing community college (CC) before attending a larger university. I know friends who have opted for that option especially since their grades/GPA was significant for a no-cost attendance to CC. I think also having a part-time job, while it may not pay for tuition, can help alleviate some expenses at times. If you work during high school or college you can save up and use some of that money for other expenses so even if you do need to take out a loan it won't be much. For scholarships there are always sites as well such as scholarships.com or even in the guidance counselors' office in school. Definitely important to be on the lookout during your junior/senior year as some of these scholarships are very important then. Lastly, when filling out the financial aid package your family's income will determine how much aid you can receive and states can offer grants that you don't have to pay back - if you qualify. If you do need to take out a loan however I would recommend taking out a federal loan first rather than a private one, as interests is much better- I would also take out subsidized loans as they do NOT accrue interests if you are in school half-time (which is usually 8-10 credits per semesters - please double check though) or if you are in deferment period of not paying the loan.
0
0
Updated
Share a link to this answer
Share a link to this answer

Ann’s Answer

This is a really tough question to answer. It really all depends on the students specific circumstances. Some parents may have started a 529 account, which is like a trust fund but used specifically for educational expenses.

If there isn't any family financial support, limiting applications to schools that offer large financial aid packages is another option. Looking for merit based scholarships you are eligible might be an option as well. For example, Pittsburgh, PA offers students that graduate from a Pittsburgh public school a $40,000 scholarship to attend an in state school. There are a lot of organizations that provide private scholarships as well, but the application process can be time consuming and only a few are awarded.

There is also a type of federal financial aid called work study where you can earn financial aid while working on campus. Also, working a part-time and/or summer job is another option.

Another option would be to start out at a more affordable Community College and then transfer in your third year the to keep the overall cost down.

Most likely none of the options will be the one that keeps you debt free in college. It will likely be a combination of several of the options to help cover the cost of school.

The most important piece of advanced I can give is to make sure you have a solid 4 year plan to pay for school. Even if that means taking a gap year to save up money. I see so many students that have to take a leave of absence, because they don't have a plan past the first year or don't consider tuition increases or living expenses in their budgets. Then, they have to leave school because they can't afford it, and a large percentage of students that leave don't return. I hope that helps!
0
0
Updated
Share a link to this answer
Share a link to this answer

Alaine’s Answer

Many companies provide tuition assistance to employees and you may only need a high school diploma to get your foot in the door. If you can start out as an intern in a field that interests you, and you get hired, you're ahead of the game. Right out of high school, I went to community college and did receive tuition assistance. Shortly after I finished college with a 2-year degree, I was able to get into Verizon. I've been here for 27 years and decided to go back to school in 2017 for my bachelor's degree, fully paid for by Verizon, and then about a year and a half later, I went for my Master's degree, also fully paid for by Verizon.

For me, this was the best way to go because I was more mature and appreciated learning even more and I have no student debt.

Good luck!
0