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What is the best possible way to save money in college?

I grew up in poverty and my dad has over 100,000 dollars in student debt. I have always been afraid of when I would be able to eat real food or buy clothes that fit. I don't want to have to worry about that after I graduate college and hopefully have a family. Thank you in advance for reading this and hopefully answering my question!! #budget-tracking #money-management


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Michael’s Answer

Hi Abbey,


I, too, grew up in poverty and had the same concerns heading into college. I will answer with more of a two-pronged approach. Regarding paying for college, sometimes the loan route has to be followed. Research your ability for pell grants and student aid. Low-income families can receive a great deal of money from the government to send their children to college.


A second piece of this and the greatest piece of advice I can give, and that you should maintain post-college as well, is to set a budget and stick to it. Sit down and outline all of your monthly expenses. If you do take out loans in college, go ahead and start paying them off while you are in school. Many universities and colleges have a large center for on-campus student employment that will not also be a nice paying job, they will be flexible around your schedule. But yes, outline your expenses, determine what you can afford and what you can save, and stick to it. It will be stressful at times but makes life so much easier.


Thanks!


Mike

Michael recommends the following next steps:

Research Loans
Set a budget

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Erika’s Answer

It sounds you do not want to get in student debt after what your dad is going through and I totally understand. I suggest to get a job while you go to school and pay as you go. Try community college for your associates then see which classes you can take at college that will transfer to a big local university. Also, see if you can get scholarships. I did the same thing because my parents didn't have money. You can do this and I wish you all the luck!

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