More and more students are deciding to attend university these days and student debt seems to be growing even faster than student enrollment. With tuition on the rise how does a prospective undergrad avoid massive debt while investing in an essential education?
Luckily a growing student body means more options and more opportunities for debt relief for the prudent fresher.
The budget is the bottom line; how much is available to spend, how much will it cost to study and how much will it cost to live while studying?
The quickest way to get into trouble is to overlook the basic financial affairs that will come up during a college career. Tuition will be the first concern for most and may be the most fixed of all expenses so choosing a school that fits a budget is important. Once tuition is accounted for, living expenses should be estimated. Rent, bills, groceries…these costs can vary greatly and choosing wisely in this area can literally save a fortune.
Most student debt comes directly from the loans taken to pay for tuition and living expenses. Keeping these costs down will lower debt but students should certainly be aware of the terms of any loan they sign up for. Most institutions offer counseling and will provide students with options for financing.
Knowledge is an ally and the more one knows about a long term loan the better. Some debt may be unavoidable but fortunately, in the long run the investment pays off.
Strapping on debt from a student loan is not the only way to finance an education these days. A growing number of students are supplementing loans with part time employment. The additional revenue can be used for everything from tuition to groceries. Bills will add up and any income will certainly help to ease the burden. Experience gained from part time work may also invaluable in future job searches.
For those who are willing to examine a budget, do a little research, and don’t mind a little work, avoiding the pitfalls of student debt promises to be less challenging than making the grades.