Tips for getting a college degree without going into debt
March 7, 2012
The College Board reports that the average cost of tuition and fees for the 2011-2012 school year at a four-year, public college or university is $8,244 for in-state residents and $12,526 for those who live out-of-state. At private, four-year colleges and universities, the average tuition is higher - $28,500.
And those costs are likely to go up. According to FinAid.org, tuition tends to increase about 8 percent per year on average.
Paying for college can be a challenge for many people. In fact, a recent nationwide survey of bankruptcy lawyers conducted by the National Association of Consumer Bankruptcy Attorneys (NACBA) found that 81 percent have witnessed the number of individuals with college loan debt increasing either "significantly" or "somewhat" over the past few years.
"The amount of student borrowing crossed the $100 billion threshold for the first time in 2010 and total outstanding loans exceeded $1 trillion for the first time last year," said NACBA president William E. Brewer Jr.
Those figures mean that student loan debt now surpasses the credit card debt (estimated at $798 billion, according to USA Today) in the United States.
The report found that college seniors who graduated with student loans in 2010 owed an average of $25,250, up 5 percent from the previous year. In addition, borrowing has grown far more quickly for those in the 35-49 age group, with school debt burden increasing by a staggering 47 percent.
In addition, as many as two thirds of college seniors graduated with debt last year, according to SayCampusLife.com.
But experts say that going into debt to finance a college education doesn't have to be a given, no matter how old you are.
According to SayCampusLife.com, students can avoid debt several ways. Opting to take general education classes at a community college or another less expensive school can help keep the overall cost of earning a degree lower.
"Employers don't care where you spent your first few semesters. They care where you graduated from," the website states.
Some people choose to take as many classes as possible at once in order to get to graduation sooner. Knowing what you want to major in before starting college is important for those who take this approach.
Others say that configuring your class schedule to allow time for full or part-time work while you're in school can help cover living expenses, if not help to pay tuition.
Students of all ages can also help to reduce their debt by avoiding using credit cards for purchases and expenses they can't afford.
Mothers should know that various grants for parents, scholarships for mothers and single mother scholarships can be utilized to pay for their education. Unlike loans, grants and scholarships don't have to be repaid upon graduation.
No matter how you plan to pay for your college education, experts say students should remember to consistently communicate with their academic advisors to ensure they are on the right path to realizing their dream of getting a college degree.
