How to Graduate College Without Drowning in Debt
According to the Education Data Initiative, it can take up to 20 years to pay off student loans. The cost of college in the U.S. is a major stressor for many students. But the good news? There are ways to cut down on that debt. In this article, we’re breaking down practical strategies you can start using now to lower your tuition costs and feel a little more in control of your money.
Maximize Scholarships and Grants
Scholarships are a great way to pay for college using your own skills, experience, and achievements. There are tons of grants, bursaries, and scholarships available to U.S. students. One example is the Kantner Foundation Scholarship, which is a one-time award given to Florida high school students who’ve shown strong academic performance and an interest in entrepreneurship.
You can also find scholarships based on your intended major, personal background, or even specific hobbies or interests. Some are geared toward future business students, while others focus on community service, leadership, or creative work. The key is to start early and tailor each application to the scholarship’s unique requirements.
Embrace Part-Time Work
Balancing a part-time job with school takes time management skills, but it’s worth it. In 2023, around 44.3% of college students aged 16 to 24 were employed, which shows it’s possible to balance both work and school. Some benefits of part-time work include:
- Relying less on student loans
- Getting a behind-the-scenes look at how businesses operate
- Building useful skills like communication and problem-solving
You don’t have to stick to traditional in-person jobs either. Remote options like tutoring, freelance gigs, or even on-campus roles can give you the same benefits without adding commute stress.
Utilize Work-Study Programs
The federal work-study program in the U.S. offers part-time jobs to college and professional students who demonstrate financial need, making it a convenient way to earn money without overwhelming your academic schedule. One of the best parts is that, when possible, you’re matched with a job related to your field of study. Your hours are based on your class schedule and your employer’s availability, so it stays flexible. You can apply for work-study opportunities through your school’s financial aid office or online during the FAFSA application process.
Additional Strategies to Save
Here are a few more strategies you can start using to keep your student debt down.
1. Opt for Used or Digital Textbooks
If you prefer having a printed textbook, consider buying a used copy—you can save a good amount each year on books for all your classes. You can also look into renting or accessing digital versions to help lower costs even more.
2. Take Advantage of Student Discounts
Student discounts are all around; you just have to look for them. You could be saving on groceries, public transportation, software, entertainment, and more, all just for being a student.
3. Sell Unused Items
If you have unused textbooks, clothes, electronics, or other items lying around, think about selling them on an online marketplace to bring in some extra cash.
4. Earn College Credits in High School
Your high school might offer Advanced Placement (AP) courses, and depending on your college program, those credits could count toward required classes. Talk to your guidance counselor to find out if you can earn credits now and cut down on future tuition costs.
Your Next Step
Some of the best ways to cut down on college debt include finding a part-time job, applying for scholarships, and selling things you no longer need. You can start looking into whether your top-choice schools offer scholarships and if you meet the qualifications to apply. The earlier you begin planning how you’ll handle your finances, the more prepared you’ll be when it’s time to head off to college.
If you’re a Florida teen with a passion for business, the Kantner Foundation scholarship could be your next step. Check the details here.
