Is it really impossible to complete your college without taking on student loan debt?

Attending college, although not at all essential or compulsory, can offer graduates an economic boost that will benefit them all through their life. According to the US Census, it has been analyzed that the average college graduate makes at least $19,560 or more per year than the average high school graduate. The Pew Research Center also stated that after deducting the time that was spend not earning dollars while studying in college, the average college graduate still earned a staggering $550,000 more than just a high school graduate. This shows clearly that the monetary investment of attending college and getting a graduate degree is worthwhile.

Yet it is saddening enough to note that although college education can increase the worth of college students but at the same time there are college graduates who leave college with $25,000 in student loan debt, which can indeed be a huge burden on their vulnerable shoulders. Why is it that all college students have to take resort to student loans in order to complete their education and become worthy individuals to be recruited in offices? Ain’t there any other alternative that the college students can resort to in order to avoid taking on education debt? Read on the concerns of this article to know the worthy alternatives.

  1. Get AP or IB level courses: There are many high schools that offer AP or advanced placement or IB courses (International Baccalaureate) that entails the students to earn college credit for taking on to the course. Such courses are offered to the high school seniors and juniors and they’re more demanding than the conventional high school classes. However, the biggest benefit of earning college credit can’t at all be denied. A student who takes either of the two aforementioned courses a year and save a year from their college attendance and this in turn makes such courses worth a lot.
  2. Get college courses while you’re in high school: There are students who choose to attend high school and also take on college courses. This facility is possible only at the community colleges where the students don’t need high school diplomas in order to attend the college courses. The students who might not qualify for the AP courses can choose this as a great option as this can help them with a jump-start on their higher education. And in case the student is getting transferred to a larger university, this could save him a thousand of dollars.
  3. Live in a place where there are free tuition options: Although this is something that is a rare scene with the present condition of the education industry in the US, yet why not take a try? Did you know that in Kalamazoo, Michigan, there is a program which is named as Kalamazoo Promise which guarantees the fees of tuition costs for a bachelor’s degree for all the student who reside in Kalamazoo County and all those who attend at least 4 years in the Kalamazoo Public High School. There are many other such institutes that offer free education and if you really want to steer clear of student loan debts, you can try to enroll yourself with such colleges.
  4. Initially attend a community college: There are many high school graduates who prefer attending universities but attending community colleges can indeed be a good option for the initial 2 years. The costs of community colleges are thousands of dollars cost-effective than the aggravated expenses of most of the popular universities. Apart from that, you will also get added personal attention as the community colleges are much smaller than the larger universities.
  5. Look for ways to earn scholarships: There are innumerable households in the US that are not able to save for their children’s college education and they nurture the hope that their child will earn either an academic or an athletic scholarship. But one thing to keep in mind is that such scholarships are competitive. Students may offer for the bigger ones, but they should also look at the smaller ones. The qualifications might be based on ethnicity, background, locality and other factors like the area of study desired by the student. You may find information regarding scholarships from the employers of your parents and from your school guidance counselor.

Given the fact that student loan debt can’t be discharged through bankruptcy, no amount of help from the reputable debt consolidation companies can relieve you of the burden. So, when you can’t get rid of such debts unlike credit card and payday loan debts, you have to be careful while taking them. Don’t charge beyond your affordability as debts can have a very bad impact on the credit score of the student borrower. Look for the new repayment options introduced by Obama to facilitate student loan repayment.

 

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