College is super expensive! One way to help fund your college education is by utilizing student loans.
Student loans can be a great resource for college students. These loans provide students with low interest rate loans that can help pay for college. Consider them a blessing!
However, students loans are just that – loans. This means you’ll have to pay them back one day.
Besides paying back a loan, you’ll also have to pay interest. More money and longer loans equals more interest to pay.
In this case, it’s beneficial to use the least amount of student loans possible. This way you avoid paying back money in the future, and you also avoid paying any sort of interest.
So, how do you avoid getting student loans?
The answer is that there are many ways to avoid student loans! Each student case will be unique. You can be creative about how to save on loans yourself.
Some good news is that you can prepare to avoid student loans before you even go to college! If you’re already in college, it’s not too late to make wise choices to save money on future interest payment.
Here are some ideas to avoid student loans:
-Choose your college wisely
Start saving on college before you even pick a college by finding a financially responsible option.
Consider the following questions as you pick a college to attend:
- Do you like any schools with in-state tuition rates?
- Have you been offered scholarships anywhere?
- Does the surrounding community have affordable housing?
- What will be the price to travel home for holidays/summer time?
As you answer these questions, you might realize that some of your college options are more financially reasonable than others.
-Work in college
Plan on getting a job in college!
Plenty of students are able to work 15+ hours a week, and some students even start full time jobs before graduating.
Lots of colleges offer a plethora of student jobs, which sometimes allow students more flexible schedules.
Make sure you pick work schedules that work with your school schedule.
Be careful not to over-schedule yourself, because while you’re in college, your education should be your top priority!
If you’re able to make some money in college, you won’t have to get as many loans and pay as much interest.
-The parent resource
Do your parents have a college fund for you?
The best time to find out is before you go!
As you plan to pay for college, talk to your parents! Make sure you’re on the same page when it comes to finances.
Lots of parents set up state programs or savings accounts to help pay for their child’s college. If this is the case for you, hooray! Be grateful and wise about how you use those funds.
-Budget
The sooner you can set up and commit to a budget, the better!
College is the perfect time for people to learn how to budget.
At this point in life, you’re not buying houses and cars, but you can start saving and giving habits that last until the time you ARE buying those bigger purchases.
Start playing around with budgeting apps, programs, or ideas. Some people love paper budgets, written out and implemented with cash in envelopes. Some like to design their own budgets using excel sheets (@ me!!). Still others find it easiest to use an app.
Check out various budgeting strategies until you find what works for you!
For more ideas to starting a budget, you might like this post: 8 Steps to Start Your Own Budget.
-College scholarships
Apply for scholarships!
There are a TON of scholarships out there in every variety. Try to figure out your niche and then apply for the scholarships that fit in your interests.
To start you off with some ideas, keep in mind there are scholarships for certain:
- hobbies! Here are links to scholarships for art, animal lovers,
- health conditions! Here is a link to scholarships for type 1 diabetes.
- minorities
- majors: family and consumer science majors, information systems majors, or marketing majors.
- corporate companies
- and SO MUCH MORE!
-Be smart
Finally, be financially smart in college!
College is not the time to buy a lot of new products. Instead, get creative with hand-me-downs, thrift store purchases, and free items.
Ask your family members and friends for extra furniture, clothes, kitchen things, etc.
Take advantage of everything free your campus offers – food, activities, social events!
Keep track of all the discounted things you get, too, such as Amazon student membership, student discounts at local restaurants, student discounted sports passes, student discounted haircuts, treats, activities, books, the loot!
At family gatherings, take home leftovers. Carpool with friends. Find free activities. The time to spend money on all this stuff is LATER, so get creative about saving NOW!
For more specific advice, check out Tips to Save Money in College.
The more financially smart you can become in college, the better off you’ll be when you move on to bigger things – careers, family, cars, houses, etc.
Cheers to a new school year!
What are your thoughts on student loans? What are some creative ways you’ve saved for college? Let me know in the comments below!