Student Loan Debt – And How To Avoid It | On your debt
The burden of student debt accumulation should be front and center in higher education choices – for students, families, university leaders, and elected and appointed officials.
Make a plan – It’s no secret that going to college will cost money. In addition to tuition, currently $545 per credit hour for in-state students at the University of Alabama, there are many more costs to consider when going to college. housing, food, travel, books, expenses and all before a football game or social event. Over a 4 year period, you can reasonably expect well over $100,000. If you’re going to college, you need to start planning early to avoid the burden of student loans.
Work and save – The best and most effective way to avoid debt is to earn an income and pay for your education yourself. We understand that this is not always possible. Tuition fees can be very high and most students cannot earn enough to pay the full tuition. But remember, paying for some, even half, will make a huge difference. The sooner you start earning money and are able to finance your schooling, the less you are dependent on banks. And no one wants to be a slave to the banks!
Excel as best you can in high school – Another really smart way to avoid debt is to be smart in school! If you can focus on your high school studies and excel in your coursework, you may be eligible for scholarships and grants. These can sometimes fund your entire tuition fee! And if that’s not all, they can be a big help.
Take advantage of your state university system – Consider taking your prerequisite courses at a local community college in your state’s college system, these have a lower cost per credit hour and will, in most cases, transfer between schools in the state. Many states offer “dual enrollment” programs for high school students, these are FREE and each credit earned during high school is one less credit that you will have to pay later. With proper planning and motivation, you can enter college as a junior and earn your 4-year degree at half price in half the time.
Apply for scholarships/grants – Each college or university has its own scholarships and grants for which students can apply. If you already have a school that you are considering attending or are interested in, always search their website to see what scholarships and grants they offer. You must apply to all, if applicable. Remember, there is no harm in trying. However, not all scholarships have to come from the school you attend. There are external programs offered to students.
Employer Tuition Reimbursement – Many companies are willing to pay all or part of an employee’s tuition. They see it as an investment. This retains their employees and leads to the long-term success of the business.
If you already have student loan debt – Of course, there is a good chance that you already have debts on your plate. If you already have a student loan, at least you know you’re not alone. But don’t worry, there is still hope!
Bond & Botes helps people struggling with debt
If you’re struggling with debt, including student debt, we’re local and offer a free, confidential face-to-face consultation with an experienced attorney. We also offer free consultations in the comfort and safety of your home or office by phone and/or video if you wish. Let us solve your financial problems. There’s no obligation, and that means there’s no downside to gathering the information you need to make good decisions about how to break the cycle of debt stress and go forward. We can answer all of your questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, staying a lawsuit, l medical debt, personal loans, payday loans, credit card debt, etc. We can relieve your stress! We want to help you and we can help you!
Bond, Botes, Sykstus, Tanner & McNutt, PC
102 South Court Street, Suite 314, Florence, AL 35630
Telephone: 256-760-1010 • Fax: 256-760-1023
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