Showing posts with label student debt. Show all posts
Showing posts with label student debt. Show all posts

22 November 2021

4 Ways to Pay for Your Degree Without Getting a Job

As if college itself wasn’t stressful enough, nothing can weigh on the mind like crushing loan debt. Having a job to alleviate some of that financial pressure would be nice, but when you’re an architecture student studying 30 hours a day, where will you find the time for a regular job?

Luckily, there are plenty of ways for you to earn some supplemental income while you’re contributing the majority of your time to your studies.

Selling Unused Clothes

This plan sounds quite tedious, and it can be if not executed properly. Sorting through your clothes is exceedingly mundane, even when it’s just to put them away during the laundry process.

And remember, you have to make time to study, so you can’t waste any of it separating old clothes from the rest. You need an efficient way to market the clothes you know you can get rid of, and that people would want to buy.

Utilizing social media is an effective way to market your clothing, as well as set up and close sales. All it takes is a little legwork. Take a picture or two of the article of clothing and post that picture to a group in Facebook, direct message it to people you think would be interested in it, or post it on Instagram using the #ShopMyCloset hashtag.

And if you don’t have the time to sit down one afternoon and sort through all of your clothes, kill two birds with one stone. When you’re doing your laundry (your clothes have to be cleaned eventually), pay attention to what clothes are left sitting dormant in your closet and drawers.

More often than not, these are clothes that don’t fit you anymore, or that you’ve simply forgotten about. No matter the reason, they would be much more useful in the hands (or on the body) of a person who would actually wear them.

Volunteering for Scientific Studies

This is the method that is most likely to net you the highest amount of money in the shortest amount of time. Research institutions all over the country are constantly looking for test subjects to take part in experiments for new drugs, studying diseases and even sleep studies.

For as much as thousands of dollars at a time, you could offer your body and health in a variety of ways, such as battling the flu, lying down in bed or donating bodily fluids.

You can participate in experiments that allow doctors and medical students to understand how our bodies fight diseases, and others that allow them to observe sleep patterns. No matter the experiment, most researchers are more than willing to fork out some extra cash to keep them from having to become the experiment subject.

If you don’t really mind being a lab rat, go ahead and take the money!

Selling Your Car

Before you say it, no, this isn’t a suggestion that you sell whatever car you have right now. Obviously, if you need a car in order to function, you should have a car.

But you don’t have to have a nice car. An easy way to raise money that could be dedicated to paying for school is to sell a classic or vintage automobile.

There are many models made before 1971 that have market values in excess of $19,700 today. The 1967 Pontiac Firebird Trans Am in particular would rake in an incredible $136,000 in 2016.

Sure, you look pretty sweet cruising around town in a classic ride. But you know what’s even sweeter? Relief from $100,000 in student loan debt.

Tutoring

You’re already studying anyway, so you might as well teach other people how to become better students, especially if their particular struggle is in a class you passed with ease.

College students will be very willing to pay you to help them pass a test, write a long essay or even improve their overall grade in a crucial class.

Your hours can be whatever you want them to be, and there are no contracts or limitations to how much your workload can be from month to month. If you know everything about the SAT, ACT, and subject tests, then you can help future college students as well!

The best part is that the better you are at tutoring, the more referrals you’ll get, thus increasing your earning potential. You’re basically getting paid to study, and help others get better at studying. You never know, you might even help your own grades at the same time!

15 May 2014

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.
student loans and fincnaial aid
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