Student debt is one of those debts that most of us view as being unavoidable. Unless you’re lucky enough to have parents or other relatives who are willing to foot the bill for you, most students will need to borrow money from the banks or the student loan company in order to ensure that they can afford to get a college degree. However, tuition fees are rapidly increasing and they don’t look as if they will be reduced any time soon. This drastic rise in tuition fees over the years has taken its toll on students, with many high school graduates forgoing college altogether in order to save money. But, with the right strategies, it’s entirely possible to gain a college degree or graduate degree whilst avoiding as much debt as possible.
Study Online
One of the first things to do if you want to keep your student debt to a minimum is to opt for an online program rather than a course that is held in classrooms on campus. This is because online courses, which use up far less resources and cost a lot less to run than their on-campus counterparts, tend to be priced at around a third cheaper than you’d normally pay per year to study for a degree. This massive reduction in price has made it possible for many students to pay their tuition fees straight away, or pay them back just a few years after graduation, rather than having them looming over them for a lifetime. For more information on studying online, check out the online MBA programs from Northeastern University.
Avoid Borrowing
Although you may need to borrow money in order to cover your tuition fees, this is really where you should draw the line. When you are already hundreds of thousands of dollars in debt to the student loan company, the last thing that you need is for that debt to be increased through borrowing other lines of credit such as loans and credit cards. Borrowing money can be very tempting for students, but teaching yourself to get by on your own income without any money that you’ll eventually need to pay back will not only help you to keep your total debt levels low, but you will form great financial habits for life that you will always be grateful for.
Employer Funding
Last, but not least, if you are thinking of going back to college in order to pursue a graduate qualification such as an AACSB online MBA, you might want to think about asking your employer to foot all or some of the tuition cost. More and more employers are paying for their workers to go to university, as this is not only beneficial for you, it can also be hugely helpful for your employer who can save a lot of money and time finding suitably qualified people if their own staff are willing to undertake the training.
Student debt is crippling many U.S. citizens today, but you don’t have to avoid college to avoid the debt.
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