Many students are graduating from College with debt exceeding $25,000!
Is it possible to save money in college? Very much so. We have covered this topic many times and are here once again to find some answers.
Imagine the excitement you feel when you have completed a rigorous program. Now imagine having to begin your career in a deficit of 25 grand. There is nothing wrong with taking loans to complete your studies because not everyone is fortunate enough to have their education costs covered.
If you’re in a position similar to mine where you have to fund your own education, then please try to follow these 5 rules to finish school with no debt and even possibly a profit:
1. Live at home.
By living at home you’ll save so much money by not having to worry about rent. If you do not have the luxury of living at home then I suggest you rent an apartment with a few people to reduce the costs.
2. Bring your own lunch.
There will be days where you are at school all day and you will need to purchase food. Make sure that on those days you have prepared a lunch, either from home or from the local grocery store. To have no credit card debt you are definitely going to have to leave the plastic at home and bring the brown bag to school.
3. Decrease your partying costs.
Regardless of the program you are in or what you say before you attend the school, everyone in school will party. There are so many simple ways to save on partying, the simplest being consuming beers from a local liquor store before going to the bar or by going to bars on college nights. Another simple way to save on partying is by going to the events on campus, whether they are frat jams or pub nights.
4. Buy used textbooks or share.
Obviously the best method is to purchase used textbooks and share them with friends. My personal method is to ensure that there is at least one person with the same schedule as me so that we could share textbooks and save tons of money.
5. Choose a program that has work terms.
This is the most important method that will definitely ensure you finish your studies at least at the breakeven point. I cannot stress how important this method is for the many benefits it offers. Not only will you have a chance to earn money but you will gain valuable experience in your field. Trade schools are the best for this because you often alternate between work and school terms. Many college programs offer great work terms (Nursing, Business, Science, etc.) where you will earn enough money during your work term to pay for the next semester of school.
Remember that it’s your future, if you wish to acquire debt so that you can complete your studies then be my guest. You may have to stress about debt consolidation when all of your various student loans become a burden to try to pay. However, if you are willing to apply this valuable advice to your life so that you can begin your career without worrying about massive amounts of debt then this articles for you.
Any clever ways to finish school with no debt that I missed? Anyone have any reasons for not being able to apply this advice? We want you to know how to save money in college by now!