We work hard. After 12 grueling years through school, we pack our bags, shed our tears and leave the comfort of our homes to head out to college. After that, the world is our oyster. But the problem is almost 70-percent of all students are handicapped.
Loans, debts, and all kinds of financial obligations, before your even out looking for a full-time gig.
Which is like starting the rollercoaster ride from the halfway mark.
When you think of student debt, your mind automatically jumps to dorm fees, ramen noodle nights, and skimping on anything costly. It may sound crazy that some people actually manage to leave without landing in debt.
It’s actually not that difficult.
Through this article, we will give you 10 actionable tips to help you make sure when you are ready to head off with your college certificate packed neatly in your CV, you won’t be hindered by good ol’ student debt.
Step 1: Scholarships Should Be Diamonds (Chase Them)
A study recently revealed that the U.S government awards over $46 billion in scholarships on a yearly basis.
I may not have a degree in economics, but that should just about cover your expenses (I hope!)
But the point is you should be chasing down scholarships at every opportunity you can get. You might already be thinking, “Well, it’s too late for that now, I have already been studying for over a year.”
Not at all! There are dozens of grants and scholarships given to those who are already in college.
“Well, how on Earth do I find this magical free money?”
The first thing you want to do is find scholarships that you can qualify for, check out the list here. From there, you want to go talk to the financial aid office in your college to see if they can help you out with the application. Of course, you can also use the official free scholarship search tool.
After that, you will need to read up on the specific scholarships to see exactly how to apply, and when you should.
Here is a comprehensive guide to help you.
Step 2 – Accept The Hustler Side Of You And Make Some Extra Money
As a college student, there is no better time to make extra money on the side. Sure, you have tons of studies, endless frat parties to attend, and oh, so many tasty bowls of ramen to get through. But a job will also give you some ammo for your arsenal when you leave and start pitching for your first job.
But what you didn’t know, is college can be a goldmine, if you have the right pickaxe.
Think about those kids down a couple chairs from you, who are struggling. Tutor them at an hourly rate. What about the students too lazy to take notes, offer to do it in their place and charge them for it.
Heck, if you wanted to, you could even start up your own freelance career right from the “comfort” of your dorm room. Yes, I use comfort mildly, as mine was not exactly… ideal.
Step 3 – Frugality Is Key To The Lock Of Being Debt-Free
I will never forget one of my peers at college. We were discussing whether or not to go out one night. When she randomly blurted out, “We don’t have to worry, we can go for free because I have a credit card”
I had quite the literal heart plummeting face-palming feeling you probably had while reading that.
Any form of credit. Whether it’s different personal loans, or credit cards is walking down a very narrow line between financial freedom, and years of student debt.
Now, I am not saying you can’t have fun. But be frugal. You don’t need to have the craziest designed dorm, nor the fanciest new textbooks (second-hand textbooks are insanely cheaper).
Step 4 – Living At Home Is Probably The Best Thing You Can Do
Sorry, Mom, and Dad!
During the summers, when the campus is dead, and you’re on vacay – going home may not exactly be high on your top-ten list. But it is a great way to save a bucket load of cash. You can rent your room out for the Summer, and hit home up for a short while.
As long as your parents haven’t started celebrating yet!
A recent study on the matter actually proved that in the long-run, making this simple adjustment could save you anywhere from $25,000 over the duration of your studies.
Step 5 – Work Harder, Study Shorter
Ever watched any college-related show, ever? Parties, frat’s gone wild, and so much chaos. It’s a wondering student manage to get their studies completed within the recommended time.
But the thing is…
The longer you study for, the more expenses you have. The higher your debt probability scale is going to climb.
After all, this only skims the surface of expenses college life has. So, if you’re serious about wanting to escape college without being trapped in the rat race, you’re going to need to grit down and hustle. Get the degree done as quickly as possible and get out of dodge and out into a somewhat more sustainable world.