When it comes to paying for college, financial aid can be helpful, but what should you do if you don't receive any or prefer not to borrow money? If you're seeking solutions for financing college education without accumulating student loan debt, consider the following five tips.
Tuition Payment Plans
If you were counting on federal student loans to help cover the costs of college but weren’t offered any, don’t panic – there are other options! Most schools offer tuition payment plans to lessen the burden of tuition and other expenses. Instead of taking out a student loan, check with your college’s financial aid office to see what payment plans are offered. Many have low-interest installment plans that split tuition and other college costs into affordable monthly payments.
Employer Tuition Assistance
If you have a part or full-time job, another thing to look into is employer tuition assistance. Some companies partner with schools to help their employees earn degrees there, while others will reimburse you for tuition and other costs if you’re studying something related to your job. Ask your boss or check with human resources to see if this is something that’s offered at your company.
Paying as You Go
One of the best ways to pay for college out of pocket is simple: pay as you go. Pick up a part-time job and put the money you earn toward tuition and other expenses. It may be slow-going, and it will be a lot of work, but not having any debt at the end of your college career will be worth it.
Community College
Dream schools may come with a hefty price tag, making them unattainable for many. If the cost of your desired school is out of reach without financial aid, it might be time to explore an alternative approach. Consider starting at a community college for the first two years to save thousands of dollars on credits compared to four-year institutions. Complete your general education classes, earn an associate degree, and then transfer to a four-year school to finish your bachelor’s degree. This path can significantly reduce the overall cost of obtaining your four-year degree.
Saving for College
If you’re considering taking some time off between high school and college (or even between semesters), get a job to save the money you need for college. Whether you get a part-time summer job or pick up a few gigs on the side, put as much as you can into savings, and use it to pay tuition and other costs in bulk. It can be difficult to pay for college out of pocket, but it’s not impossible!
The Takeaway
Figuring out how to pay for college without financial aid may require a little more creative thinking, and may seem unconventional to some of your peers. And with some of these options, it may even increase the time it takes for you to complete your degree. But if your goal is to earn your college degree debt free, it’s a very real possibility.
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