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Start Reducing Your Student Loan Debt Now!
Chancellor Alexis joined FOX on Thursday, March 24th to discuss the various ways in which individuals can reduce their student loan debt both before and during their time in college. Some of the various topics included:
- Attend a 2-Year College First
- 2-Year Colleges usually cost less than 4-Year Colleges.
- A 2 Year College allows you a little more time to figure out who you are and what you really want to do by getting your Gen Eds out of the way. This can potentially eliminate your chances of needing to take additional years at a 4-Year College since you won’t be switching from major to major figuring out what you want.
- Most 2-Year Colleges have many articulation agreements with other 4-Year Colleges that will allow them to transfer and earn their Bachelor’s Degree in a shorter amount of time than starting at that college.
- Spend Your Time Wisely
- Many people talk about the experience of college, having fun, and being on your own for the first time, but, part of being on your own for the first time insinuates that you need to be responsible as well. This means that if you spend your time wisely by getting a job you can cut down on the amount of loans you need to take out or even start paying some of your tuition early.
- Another thing you can do if you do not like the idea of working for someone else is to try your hand at becoming an entrepreneur. It’s ingenious for a student to explore making a long-lived hobby or a new-found interest into a money making side business. Several of the world’s most successful businesses that are still in operation today such as Apple, Microsoft, and Facebook were all started by college entrepreneurs who have since achieved significant wealth and notoriety from their pursuits and are presumably debt-free.
- Graduate faster
- Most people just assume that you have to spend at least 4 years (sometimes more) going to college in order to get your degree, but that is simply not true. Many colleges offer up ways to take more class hours in a semester than what is standard. Some even offer up tuition discounts for taking more credit hours in a semester. That along with taking Summer classes can help you to graduate in a shorter amount of time and drastically cut down on the amount you are spending on tuition and other loans.
- People need to remember that going to college has a purpose. That purpose is for you to become as employable as possible without being crippled by debt.
- Research all of the scholarships that you can apply for
- Spend your student loan dollars wisely
- Many students end up spending their student loans to buy cars, clothes, or other items that may seem important at the time but for the most part are not necessary. Make sure that you spend those dollars on achieving your education and therefore reduce the ammount of money that you need to take out in loans.
If you follow some or all of these tips you will reduce the amount of money that you will owe in student loans and start living your adult life more fufillingly!