Should you take out loans?
Today, nearly half of all U.S. adults who attended college say theyleft school with loans to repay.
That shouldnt come as a surprise considering the average annual cost of college ismore than $35,000.
Check out ourultimate guide to saving for collegeand beyond with a 529 plan.
If youre headed to college, you dont have to end up with a mountain of student loan debt.
In fact, heres how to pay for college without loans.
How to Pay for College Without Loans
1.
Start Saving Early
A529 college savings planis a bang out of tax-advantaged investment account.
The plans are administered either by a state or an educational institution.
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2.
In many cases, the more affordable option is the smart choice.
Did you know?
Many institutions offer lower tuition prices for in-state residents.
This can be a great way to find bargains when it comes to schooling.
Negotiate With the College
If youve found a school you like, dont be afraid to negotiate.
Many institutions offer grants or tuition programs for low-income college students or students from diverse backgrounds.
They can also direct you to more resources.
Consider Community College First
If you live somewhere with a community college nearby, consider attending this school first.
Many universities and colleges will accept credits from these institutions, andcommunity collegestend to have lower costs of attendance.
In addition, it’s possible for you to save even more money by continuing to live at home.
Many high schools offer special programs to help you earn college credits while still attending high school.
Sometimes these programs will allow you to attend a community college for courses.
Apply for Scholarships
Always, always, always apply for scholarships.
In many cases, scholarships go unclaimed simply because people dont apply.
Some scholarships are need-based, and others are merit-based.
Need-based scholarships examine things like your income, educational background, and diversity.
On the other hand, merit-based scholarships look at your GPA and other achievements to determine your eligibility.
It may seem like a lot of work, but scholarships can help offset your college costs.
Apply for State Grants
Many states offer public grants that dont have to be repaid.
These grants can go toward your education expenses.
Often, students must demonstrate a financial need and enroll at least half-time.
Apply for Private Grants
Similarly to state and public grants are private grants.
There are many organizations out there that offer assistance to aspiring students.
Get Tuition Assistance From Your Employer
Not everyone at college takes a traditional path.
Many people change careers or simply want to boost their value at their organization.
Today, more and more companies offer tuition assistance as part of their employee benefits packages.
But getting a job while in school can help you cover tuition.
These jobs are often highly sought after, so apply early!
If a work-study doesnt suit you, consider taking on aside hustle.
Dont forget to help your money grow; consider investing in low-risk options such ascertificates of depositorhigh-yield savings accounts.
If you live close enough, it’s possible for you to always live at home too.
Use Military Tuition Assistance
If youre currently enlisted, consider using theMilitary Tuition Assistanceprogram.
Members of the National Guard and Reserve Components also may qualify.
Finally, the Department of Veterans Affairs offers severalbenefit programs for veterans.
Both of these options are great choices for servicemen and women.
Finish College in Four Years (or Less)
Lastly, finish your schoolingin four years or lessif possible!
Failing classes, retaking others, and spending more time in school all mean youll be spending more money.
Some of the best ways to save money are to finish early.
Consider taking courses during the summer or winter breaks to speed up your progress.
So it pays to avoid student loans for the rest of your college years.
New York contributor Kiara Taylor specializes in financial literacy and financial technology subjects.
She is a corporate financial analyst.
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