Ways to Avoid Student Debt

Lawndale News Chicago's Bilingual Newspaper - Education

Lawndale News Chicago's Bilingual Newspaper - Education

By: Ashmar Mandou

According to the Institute for College Access and Success about 69 percent of 2014 graduates from public and nonprofit universities and colleges had debt. The average debt held by 2014 graduates was $28,950 per borrower. When it comes to avoiding tremendous debt, there are a number of things you can do before you start college to keep your debt burden as low as possible.

Get a Job and Start Saving Early
One of the best ways to get money for college is to get a part-time job after school or on weekends or – at the very least, during your summer breaks. Getting a job has other benefits too, such as gaining a sense of responsibility and learning how a business works. Once you get that part-time gig, it’s important to actually save your money. Before you get a job, determine how much of each paycheck will go toward college savings, and how much you’ll keep for your expenses (such as the cost of getting to work) and for recreation.

Get College Credit Without Paying for College Classes
If your high school offers advanced placement (AP) courses, take as many as you qualify for, and be sure to take the AP exam offered at the end of the year. Although the rules and requirements vary from school to school, many colleges offer course credit in exchange for a high score on the AP test.

Fill Out Your FAFSA as Soon as Possible
Even if you think you and your parents earn too much money to qualify for need-based financial aid, it doesn’t hurt to fill out the Free Application for Federal Student Aid (FAFSA). You can fill out the application before you’ve decided which school you’ll attend – and in fact, completing it before you make your decision can help you weigh the aid offered by one school against the aid offered by another.

Look High and Low for Scholarships
Some schools automatically give scholarships to students based on their GPAs or extracurricular achievements – but don’t think you’re limited to the scholarships offered by the schools to which you apply. Many organizations – such as nonprofit volunteer clubs, religious organizations, and civic groups – offer scholarships to outstanding students, or to students who meet certain criteria.

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