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4 Ways to Save on School Loans

Updated on January 5, 2011

In these difficult economic times, it is important to get an education. However those that run universities know how valuable an education is these days and have raised the prices to take advantage. What can the average person do when it seems the choice is between no education and a mountain of debt? Below are _ suggestions for reducing the total debt accrued during a college education. Taken together, everyone can navigate through college while limiting debt. 

Source

1. Start out at Community College

Community Colleges are generally far cheaper than four year universities and often offer classes that are easily transferable to four year universities. Why not spend the first two years of your college education at one of these local schools? There are at least two good reasons to start in community college.

The first is basic cost benefits. You can generally attend a community college for a few thousand dollars a year. If you get a job during this time and seek out financial age, you can probably get through your first two years without any debt. When you compare this with the price of attending a state university (often over 10,000 dollars a year) you begin to see a real benefit. The second benefit of community college is that it provides a good place to prepare for getting serious at a four year school. Often high schools do not do a good job of preparing students for the difficulties of college classes. Community college offers a low risk place to practice for when the classes cost thousands of dollars. 

2. Pay loan interest while attending school.

This may not sound like it makes a very big dent, but every little bit helps. If you get a job and at the very least pay off the interest on your student loan while in college, rather than allowing it to collect until after you have graduated, you will in the long run save thousands of dollars. 

3. Actively seek out scholarships and government grants.

While I have had little success with this method, there is money out there to be had. Whether it be through government agencies or through some private organization. What you have to do is find it. Using this method, you can minimize your college costs as much as possible. If you fall in the right income bracket and choose to attend community college, you might even manage to make money for attending community college. 

4. An increasingly popular option….

Taking classes via the internet is the new taking night classes. No longer do you have to live in the city of the school you are attending. Now you can just take the classes via the web. Web based classes are often far more flexible than other types of classes and offer the opportunity for the students in the online program to maintain a full time job. Not only that, but students save on room and board costs. The combination of the room and board savings along with the full time job, make taking online classes a much more affordable path.

Don't Be Discouraged!

There are ways of making it through college, you just have to work for them. Don’t be discouraged by skyrocketing tuition prices. Just get to work getting by them! Minimize your debt, complete your college education, get out, get a job and pay it off! Simple? Maybe not, but you can do it! 

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