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| Avoiding College Debt |
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By Brooke Heath
Some people just assume that when you graduate from college you will be taking with you a diploma and large amounts of debt. But it doesn't necessarily have to be this way. It is possible to finish college with little or no debt at all! However, it does require some planning and you might have to forgo some luxuries along the college trail. Read on for ideas that can help you to avoid the college debt trap!
AP Classes/Concurrent Enrollment
While still in high school, plan on taking as many Advanced Placement tests as possible! Taking AP classes can really save you money, as well as time, once you get into college. Each AP test that you pass will save you a certain amount of credits in college. Depending on the college and the course, there is the possibility to earn as much as 10 credits per AP subject! Again depending on the school, 10 credits can be the equivalent of several thousand dollars in college tuition! Here is an example: if you take an AP English Literature class in high school and pass the test with a score of 3-5, you can earn up to 8 credits at some colleges and universities. Not only do you earn credit for the class, but also several points toward elective classes. The testing fees are generally around $83 per test, but the amount that it can save you in the future is well worth the investment.
Another way to save money is by taking what some high schools call Concurrent Enrollment classes. These classes are offered during high school, by a sponsoring college or university, but unlike AP classes, do not require a test. By simply taking the class, paying a small fee and earning a passing grade, you earn college credits.
Some students plan so well for their college experience by taking AP and Concurrent Enrollment classes that they begin college as sophomores or even juniors due to the amount of credits that they earned. By doing so, these students have avoided virtually all of the expenses that come from attending one or two years of college.
Scholarships
Scholarships are a great way to compensate for the costs associated with college. They are monetary gifts that never have to be repaid. Many scholarships are awarded by colleges and universities, but there are also scholarships that come from private donors too. A common myth associated with scholarships is that they are only for those who excel scholastically. This is not always the case. Some scholarships are offered based on leadership, overcoming personal trials, community service, talents and even such things such as being a blonde, or duck calling. The main thing to remember with scholarships is to not assume that you will not qualify. Apply for as many scholarships as possible! Use the internet to search out scholarships that are available. Also, meet with your guidance or financial aid counselor often to stay up-to-date on scholarships opportunities that come across their desks.
Grants
Another means of compensating for your education is with grants. In order to be considered for a grant or other types of Federal Financial Aid such as work study or Federal Loans, you must first complete a Free Application for Federal Student Aid (FAFSA). This form gives the government an idea of where you stand as far as financial need.
Grants are similar to scholarships in that they never have to be repaid. They can be obtained through the government (such as Pell Grants) or through a college or university (such as a Federal Supplemental Educational Opportunity Grant aka SEOG). Unlike scholarships, grants are wholly based on financial need. The government will decide whether you demonstrate need based on your Estimated Family Contribution (EFC) from your FAFSA form.
Go to a School that Wants You
Instead of trying to get into a competitive and expensive school that you want to go to, go to a school that wants you! The possibility that you will be offered an appealing scholarship and financial aid package will be much higher at a school that is trying to recruit you than one that you are fighting to get into.
Go to a Less Expensive School
Consider going to a community college or junior college for your first two years and then transferring to a university or larger school for your Junior and Senior years. This could save you thousands of dollars of tuition. To give you an example, at a two-year college in Texas, tuition and fees can be $707.00 for 15 credit hours for one semester. At a university in the same state, tuition and fees can be more than ten times as much at $8,165 per semester!
Establish Residency Out-of-State
If you still have your hopes set on a particular school out-of-state school, consider living in that state for a year to establish residency prior to attending the school. This will save on the huge costs that can come from paying out-of-state tuition and fees. Depending on the school, out-of-state tuition can be more than double what you would pay as a resident of that state.
Meet w/ Guidance Counselor
The preceding list contains just a few suggestions to avoid college debt. For a more exhaustive list, consult your guidance counselor or financial aid counselor.
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Shoot for the moon. Even if you miss it, you will land among the stars.