If you’ve recently graduated from college, you’re probably dealing with the burden of student loan debt, which can be quite substantial. Having just completed my loan repayments this year, 14 years after my graduation, I feel you. Interestingly, I’m not even pursuing the career for which I took the loan. So, if you’re in a similar situation, remember, we’re not alone.
A recent feature by Yahoo! highlighted the predicaments of seven individuals, aged between mid-20s to 40s, struggling with heavy student loans. One story is about a woman who can’t afford her loan payments due to a life-threatening illness. Another man, despite having a $140,000 student loan, is stuck with a job that pays just $12 an hour.
However, there’s a silver lining. Despite media narratives, it is entirely possible to earn a college degree without being swamped by student loans. The key lies in smart planning for your higher education, and the effort is definitely worth it when you find yourself free from massive student loans compared to your peers.
Here are some strategies:
1. **START WITH A COMMUNITY COLLEGE.**
Jumping directly to a large university isn’t always the best move. By starting at a community college, you can complete all basic classes at a much lower cost. Living with parents during this period can help you save on expenses. Afterwards, you can transfer to a university. Employers focus on the final institution from where you obtained your degree rather than your initial college.
2. **AVOID OVERWORKING.**
This might sound counterintuitive but balancing work and study is crucial. As an ex-college teacher, I’ve seen students flunking several classes each semester due to overworking, resulting in wasted money and time on repeating those classes.
3. **LEVERAGE YOUR EMPLOYER.**
A wise approach is to secure a job first and then pursue education sponsored by your employer. Many companies hire high school graduates and provide tuition assistance.
4. **CONSIDER THE MILITARY.**
If you’re up for it, military service provides education benefits post your service period. With this option, you get a complete college fee waiver, avoiding student loans entirely.
5. **WORK AT A COLLEGE.**
Seek employment at a college right after high school. Whether you land a job as a secretary or a maintenance worker, you’ll likely be able to enroll in a few courses for free as a part of your employee benefits.
Undoubtedly, student loan debt has become an alarming crisis in our country. But with smart strategies, you can succeed in evading this trap. Share with us how you managed to avoid student loan debt yourself in the comments below. Source: Smartasset.com.
