Juggling a Degree and Debt: 6 Tips to Make It Work

College is a great cognitive adventure, where you learn about the intricate world around you and build a giant wall of debt in the process. And that debt can become like a scary monster, lurking in the shadows of your college experience.

Avoiding a future of paying off college debt can seem challenging, but with the right guidance, you can turn that foreboding monster into nothing more than a stepping stone to a future of great achievement. Here are some tips for getting through college with a manageable amount of debt.

Choose Your College Wisely

Brochures and websites can hypnotize you with pictures of students studying on an impossibly green lawn or kicking around a soccer ball in the quad, but beware of this distraction. There will be places to stage your brochure-worthy photo on all of the campuses.

Your college choice should be based on your future career goals and the cost of attendance, particularly the latter. Tuition and fees can make a huge difference in debt, and choosing a college with a more manageable cost of attendance can really save you in the future.

Get Funding for College

When you have a chosen a school that seems to fit the bill, do not merely glance over the financial aid portion of the application. Getting funded is the quickest way to minimize student debt. Understanding and accurately portraying your financial position can be the difference between a fellowship and a loan, the second of which you must repay after your college experience is over.

Funding college can be a challenge.  Flickr LendingMemo

Be sure to contact a financial officer at the school for application help, and do not forget to inquire about specialized grants, scholarships, and funded positions offered by the school. These financial advisors are there to help you, so do not be afraid to use them. Minimizing your loans with funding on the forefront will help you manage your debt once college is over.

Work the Debt Away

Since debt cannot be studied or partied away (bummer), you can get ahead of your loan payments by working through college. While serving tables or working in retail may fit your schedule, these jobs should come second to those that can build your resume. Look for paid internships in your field, apply for teaching and research assistantships within your department, and consult your college career center for part-time and temporary jobs.

Maximize Your Savings

Making the money is only one step to the process. Finding ways to save that money is the key. Open a savings account and put a percentage of your earnings into it each month. By the time you are walking across the graduation stage, you will have a nice cushion of money to begin paying off your debts. Maximizing these savings by setting a strict budget and minimizing your bills will also increase your debt fighting arsenal.

Choose a Lucrative Career in Your Field

While sites will tell you jobs in public relations, accounting, and computer science are the best career paths based on a variety of indicators, do not let your major field decision be based solely on the money. Do your homework. Find a lucrative career path within your major to maximize both earnings and post-graduation contentment. This tip will help you maximize your earnings and attack debt in a timely manner.

Give Online Classes a Chance

While some majors are better suited to in-classroom learning, online classes can be a viable option for more straight-forward career paths. Think back to when you were a kid, what did you want to be? A nurse? A princess? A cop? There are online classes for these career paths (well, maybe not for being a princess) that can lead to greater savings when completing the requirements of your degree and quick job opportunities upon graduation.

Being mindful of your finances in college can pay off in the long run. If you take these tips to heart, you will be well on your way to a debt-free future, where you can warmly reminisce about your college experience, without being harshly reminded by student loan bills.

By: Bill Bilse

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Deciding on a College

College admission letters will be rolling in soon, and a lot of lucky high school seniors will be ripping open their acceptance letters from a variety of schools. Many will also have to open up a few rejection letters as well. No matter your situation, you still have to answer one very important question: Which school will fit your needs the best? To figure that out, there are several important things you will want to look at first.

You will definitely want to choose a school that you could see yourself being happy at. The things you have to consider when applying to schools are different from what you have to take into account when committing to a school.

Cost: Will it be Worth It?

One of the most important things you should look at before deciding to attend a school is how much it costs to attend, and if you can afford it or not. You should lay out your college payment plan and compare the prices of different schools, and see how they fit your financial status. If you have applied to a wide spectrum of schools that are distinguished from one another, it may be best for

you to spend more. However, if the schools have little differences then you may want to pick the one that has the better price.

Remember to factor in that most schools require freshmen to sign up for meal plans, and reside on campus. This can definitely add sway when really narrowing down your choices to one or two schools. Also keep in mind that costs add up over the years, and your initial costs of starting school could end up doubling. 

Quality of Life: Will You Be Happy?

You should also list the most prominent details/features of each school, and compare each college using pros and cons.

Visualizing everything you deem important, seeing it organized on paper, will assist you in coming to a more solid conclusion.

Experts say that students should visit their top three picks multiple times to get a feel for what life on campus is like there. Going back as an admitted student could change your perspective on things if you have already gone on a tour of the school before. Most people who visit schools pay attention to a lot more things than they originally did when just going on a tour. It is also worth it to arrange a meeting with a professor in the same department that you would like to study in. If you have chosen a school that has a wide variety of majors, programs and degrees then chances are you will be able to remain at that school once you narrow down the career path you want to follow.

Campus Life: Will You Also Have Some Fun?

The size and location of a school should also play an important role in your decision process of choosing a school to go to. It is considered okay to base your decision on location if the schools you are deciding between have similar academic quality. Sometimes factors such as the weather of the location you want to choose or the campus you liked the best can be deciding factors. It is said that people can greatly benefit from attending a college with an urban campus where they are not completely immersed in college life. This allows them to experience other corners of life and gain much more experience than one could in a small town.

Social life can become a very important factor when deciding on a school. It is only natural to think about how you may fit in and if you feel you will belong. Considering the social aspects is important because you will most likely live there for several years. So when making your list you should try to think about important social dimensions. Which schools have clubs, associations, or honor societies that meet with your interests? You may want to consider looking into different recreational activities that the different schools offer. Whether they are sports- or artistically-driven, finding interests that are common between you and the student body is essential for your decision. Students often perform better academically and socially in environments that fits with their social preferences and personality.

Keeping these aspects in mind, don’t forget to breathe. Yes, this is a big decision, but it’s also an exciting one. Maybe you got into the school of your dreams. Maybe you didn’t. The important this to remember though, is that if take the time to research, you will most likely end up at a school which meets all of your needs, making your college experience a success.

Angie Picardo is a staff writer for NerdWallet. Her mission is to help consumers stay financially savvy, and save some money with a Levi’s promo code.

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How You Can Finish A College Degree Without Scholarships

If you are currently in college without a scholarship, this guide offers information on obtaining finances to complete your degree. It may seem hard in the beginning, but successfully navigating the tricky waters of financial instability now aides in developing a more responsible approach to future money issues. Financial experts offer the following advice.

Borrow the Funds

Borrow educational funds in the form of low-interest federal student loans. Subsidized loans depend on financial need while unsubsidized funds are similar to a personal loan. If your award is not enough, parents, guardians or any credit worthy adult can apply for additional unsubsidized funds to close the gap.

Loan repayment does not begin until after graduation or if you drop below full-time enrollment status. Loan limits depend on your enrollment year, student status (graduate or undergraduate) and dependent status. Start the loan process by completing the Free Application for Student Aid (FAFSA).
 

Consider Alternative Loans                  

This type of loan is provided by a private lender as opposed to a federal source. Students and parents have the ability to loan 100% of tuition fee to support college expenses. Lenders have the ability to choose to whom they will disburse the fund, either to the school or directly to the student borrower.

The problem with considering private student loan is that interest rate increases over loan life. Parents and students, may then consider taking the equity of the home to fund college expenses. Usually, if you have 80-85% of the total equity of the house, you can file for home equity loan. The problem with this type of mortgage, is the possibility of losing your home once you are not able to repay on time.

Use Your Employer

Working at the right company can provide valuable tuition assistance. If you are currently working, ask your boss or the human resources department about educational programs that pay for classes. Some companies offer free tuition to full-time employees.

In addition to asking your employer about tuition programs, ask the school about special discounts or waivers available for certain occupations. A few institutions waive fees for state employees or public servants. Even a part-time occupation can result in substantial tuition breaks.

Switch Schools

Sometimes change is good. When you find yourself in the middle of a tuition crisis, ask if there is a cheaper alternative. State universities are cheaper than their private counterparts, instantly reducing your financial load. There are also tuition-free institutions with strong academic reputations. Closely investigate every option and discuss which existing credits will transfer before making any definite moves.

Explore Your Cultural Legacy

Talk with your family about their history. Ask about participation in notable wars and your ethnic makeup. Some state institutions offer tuition waivers to certain individuals of certain ethnicity or descendants of war veterans. Your mere existence might make you eligible for tuition assistance and fee waivers.

Consider Personal Obstacles

If you were on any form of public assistance immediately before entering college there may be a tuition waiver in your future. In some states, students enrolled in Medicaid programs receive free tuition at two-year institutions. Survivors of natural disasters and national tragedies also receive tuition waivers. Schools grant assistance on an individual basis, so bring plenty of documentation when pleading your case.

Become a Virtual Student

Take the remainder of your degree via online learning - but use extreme caution. Enrolling in an Internet-based curriculum at your current school could keep you in financial distress. Traditionally, virtual schools omitted classrooms and other objects that tend to bolster tuition rates. Larger colleges and universities build separate departments for Internet staff, causing massive tuition bills for students.

Once you compare tuition hour pricing, inquire with school administrators and state authorities regarding licensure. Make sure your potential degree will a creditable one. As with any transfer, ask which credits are transferable before committing to any program. Cheaper enrollment rates allow loans and income amounts to stretch further.

A money crisis does not automatically spell disaster for your academic future. Depending on the situation, applying for student loans, mining untapped personal resources or switching schools may provide an effective solution. Staying in control during such stressful times will effectively prepare you for the real world.

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