While not all careers require four-year college degrees, several require an advanced education. If you intend to attend college but are concerned about getting into student loan debt, there are ways to attend college with minimal student loan debt. One of these ways is through scholarships. Nonprofit organizations and private foundations often offer scholarships and you’ll find them through professional organizations. The key is to apply for these scholarships early and pay close attention to the guidelines. Here is how you can attend college with minimal student loan debt.
If You’re A Parent, Open A Custodial Brokerage Account As Soon As He’s Born
If you’re a new parent, prepare your child for college by opening a custodial brokerage account as soon as possible. With a custodial brokerage account, you purchase stocks and bonds and the money that these investments earn can assist with paying for your child’s college expenses.
Open A High-Yield Savings Account
Another thing you should do is open an online high-yield savings account for your child as soon as he’s born. Online high-yield savings accounts are better than traditional banks because the interest rates are higher. Many high-yield savings accounts have interest rates between 2 and 6 percent or higher depending on your chosen bank. Automate money to this account every pay period.
Start At A Community College Then Transfer
Another way to attend college with minimal student loan debt is to start at a community college and then transfer credits from the community college to a four-year university. Before you use this strategy, make sure that the four-year university you want to attend will accept the credits you earned at the community college.
Open A 529 Account For Your Child
529 accounts are another option if you want to save money for your child’s education. Two types of 529 plans exist; the education savings plan and the prepaid tuition plan. The education savings plan allows you to contribute money to the account and choose the mutual funds you want to invest in for growth. The education savings plan also offers target-date funds, which extend through the year that your child will attend college. Target date funds adjust your assets over the years, and the adjustment becomes conservative as your child reaches college age.
The second type of plan is a prepaid tuition plan, which lets you lock in your child’s chosen college at the current tuition rate. All withdrawals from 529 plans are tax-free, which makes this a great option for reducing student loan debt in college. You can open a 529 plan through a brokerage account such as Vanguard or Fidelity, or your state’s plan’s website. If your child decides not to attend college, you can transfer the 529 plan to another child.
Attend An Affordable In-State College
This is another way you can attend college with minimal student loan debt. In-state public universities tend to cost less than prestigious private universities, and there isn’t much difference in the quality of education you receive if you attend a public university. Some public universities offer great degree programs. Examples include the University of Michigan at Ann Arbor, the University of North Carolina at Chapel Hill, the University of Florida, and the University of Texas at Austin.
Consider A Historically Black College
Historically black colleges are not only affordable, but they provide a sense of community and support for minority students. I graduated from Dillard University and it was one of the best experiences I had in an academic setting. My professors encouraged me to pursue a writing career and I loved the culturally relevant activities and clubs too. What I liked the most was how the curriculum included a thorough study of black history and culture that I wouldn’t have received at a mainstream university.
Work As A Resident Assistant
A resident assistant is a student who works in the residence hall in exchange for free housing and other perks such as meals. This is another way to slash college expenses without looking for an off-campus job. Resident assistants help with planning activities for the residents, resolving conflicts between residents, and providing residents with information about the campus.
Start An Online Business While In High School
Another idea is to start an online business while you’re in high school. Maybe you can babysit your neighbor’s kids or sell clothes you no longer need for extra cash for college expenses. You can also sell handmade crafts on your website or at local festivals. You may not be able to pay your entire tuition with the profits but it could pay for textbooks and other fees. However, if you invest part of your business’s income from the time you’re in high school until you go to college, you could have enough to pay part of your tuition.
Earn College Credits While in High School
Some colleges accept credit for college-level courses or Advanced Placement classes you take in high school. If you plan to attend community college, you can do dual enrollment classes at high school and the community college. If you choose the dual enrollment option, you could have an associate degree when you graduate from high school.
With these effective strategies, it’s possible to attend college without getting into a lot of debt.
