Student Loan Debt - and How to Avoid It

The burden of accumulating student debt should be the center point of consideration in higher education choices — for students, families, university leadership, and elected and appointed officials alike. It is a national problem, according to the Council on Foreign Relations, and it is, unyieldingly, higher education’s most significant challenge to overcome.

Making a Plan

It is no secret that going to college will cost money. Along with tuition, currently $545 per credit hour for in-state students at the University of Alabama, there are many more costs to consider when going to college; housing, food, travel, books, fees, and all these before one football game or social event. Over a 4 year period, you can reasonably anticipate well over $100,000. If you’re going to college you need to begin planning early to avoid the burden of student loans.

Working and Saving

The best and most effective way to avoid debt is by earning an income and paying for school by yourself. We understand that is not always possible. Tuition prices can be very high and most students can’t make enough to pay full tuition. But remember, paying for some, even half, will make a huge difference. The sooner you start to earn money and are able to finance your schooling, the less dependent you are on banks. And no one wants to be a slave to the banks!

Excel as best you can in high school

Another really smart way to avoid debt is by being smart at school! If you can focus on your studies in high school and excel in your courses, you can be eligible for scholarships and grants. These can sometimes fund your entire tuition! And if not all of it, they can be a major help.

Take Advantage of your State College System

Consider taking your prerequisite courses at a local community college in your state’s college system, these have a lower cost per credit hour and will, in most cases, transfer between in-state schools. Many states offer “Dual Enrollment” programs for High School students, these are tuition FREE and every credit earned during High School is one less you will have to pay for later. With the proper planning and motivation, you can enter College as a Junior and get your 4-year degree at half the cost.

Apply for scholarships/grants

Every college or university has its own scholarships and grants for students to apply for. If you already have a school that you are planning to attend or are interested in, always search their website to see what scholarships and grants they offer. You should apply to all of them if relevant. Remember, there’s no harm in trying.

Not all scholarships have to be from the school you attend, though. There are external programs offered to students. International Student offers an online search for international students to find scholarships.

Employer Tuition Reimbursement

Many companies are willing to pay all or part of an employee’s tuition. They see this as an investment. Doing this builds loyalty in their employees and leads to the long-term success of the company.

If you already have student loan debt

Of course, there’s a big chance that you might already have some debt on your plate. If you already have a student loan, at least you know that you’re not alone. But don’t worry, there’s still hope! If you are struggling with debt, including student loan debt, the debt relief attorneys at the Bond & Botes Law Offices are here to help you with your options. Call us for an absolutely free consultation with one of our debt relief lawyers.