Is it possible to go to college without student loans?

Graduation cap atop many dollar billsA college education today is essentially the equivalent of a high school education 40-years ago; it is almost a prerequisite for getting a stable job. The problem with this situation is that colleges and universities are generally not paid for by the government. Combine this with the fact that tuition at these institutions are skyrocketing, and you’re left with over $1 trillion in student loans across the nation.

This problem is obviously a concern to both the government and economists alike. But it is even more concerning to the young people across our nation who are about to enter college life. Many young students entering universities now have heard the complaints of the slightly older generation of students who’ve been left with enormous debt burdens and a lack of stable and strong employment. Now many of them are asking, is it possible to go to college without student loans?

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For most people out there, having college paid for by their parents isn’t an option. It is also unlikely that a teenager could possibly save enough money to pay for all four years of school. But there are a few steps you could take to reduce your debt load, at the very least. First, if you’re applying for college, also apply for as many grants and scholarships as possible. It may seem like a tedious task to fill out all of those applications, and it is. But you should think of it as work. If it takes you two hours to fill out a $5,000 scholarship application, that’s basically $2,500 per hour should you be approved.

The next step is preparing your finances as adequately as possible. It can be difficult to save money before entering college, but it wouldn’t hurt to try. After you’re accepted to a university, you may want to consider ways to save on costs. Living in a dormitory can be expensive, and oftentimes students can save money by finding a cheaper apartment off campus. Alternatively, you could instead apply to a community college in your local area and either live at home or find a local apartment. This would not only save you on tuition costs, but could also save you on living, moving and traveling expenses as well. You can transfer your credits to a 4-year university to finish your last 2-years of school.

There is also a multitude of ways to receive a free education through various services. For example, active military personnel or veterans have most, if not all, of their education paid for by the US government. You may also have the chance to participate in a work-study program. Various organizations offer work-study programs, sometimes from the government, and sometimes from companies who want to send employees to college for extra training. Essentially, these programs include working while getting an education.

Finally, if you’re still struggling to find a way to attend college without racking up over $10,000 in debt, you could consider applying to a tuition free university. There are various legitimate universities across the nation that offer tuition free education. You should be aware that these universities are few and far in between, but there are some; and many of them are not the greatest institutions of higher learning available. Also, although these universities do not charge tuition, living expenses will need to be paid for one way or another. If you truly want to eliminate most, if not all, costs associated with higher education, you may want to do your research and find which one of these universities is best for you.

Posted on March 23, 2016 by in Personal Loans, Student Loans

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