Yes, getting a college degree can lead to significantly higher earnings potential. However, it can also leave you starting your career underneath a mountain of debt. According to data compiled by the Federal Reserve, total U.S. student loan debt amounted to $1.7 trillion as of September of 2023. At the same time, in a nation that adores automobiles, US car loans only amounted to $81.4 billion during the same period. While the steadily rising cost of secondary education makes it seem as though going into debt is the only way to get a diploma, earning a debt free college degree is doable.
Here’s what you need to know.
Two-Year Degrees Count Too
Going to your local community college to earn an Associates Degree can be good enough, depending upon the field you want to enter. Good-paying jobs you can get with a two-year degree include: graphic designer, wind turbine technician, telecommunications technician, police officer, occupational therapy assistant, web developer, dental hygienist, respiratory therapist, radiation therapist and MRI technologist. What’s more, all of these occupations offer stable employment and good prospects for the future.
Choose Your Financial Aid Package Carefully
Most financial aid packages include scholarships, grants and loans. Look for ways to cover your costs with grants and scholarships, without the loans. Surprisingly, many hundreds of thousands of dollars of grants and scholarships go unclaimed every year. This is because people don’t know they exist. Do every thing you can to sniff out every type of scholarship and grant you can find. Apply for all of them, even if you think you don’t qualify. The money is sometimes awarded just the same.
Work Your Way Through College
Many people think working and going to school at the same time is a recipe for low grades, chronic fatigue and no social life. However, work experience can be just as important as the school you attend. Sure, graduating from one of the country’s most prestigious schools has certain advantages. However, in a lot of cases, employers just want to know you can do the job.
Attending a lower-cost institution and getting practical work experience in the field you want to enter while in school can help you get a great job—at less cost—with no debt. Interviewing for your first job out of college with the ability to demonstrate hands-on proficiency can sometimes take you farther than a degree from a status school and no work experience.
What’s more, working while going to school introduces you to people who may be able to help you progress in your career. It also hones your soft skills—communication, leadership, collaboration and time management.
Another plus, students who also work tend to be more focused and get better grades.
Go to School Online
Attending school remotely can be less costly than setting foot on campus to attend lectures. According to statistics provided by EducationData.org, private institutions charge $60,593 for an online degree vs. $185,252 for an in-person degree on average. This approach, when combined with the tips above can find you graduating from college with no debt and with practical on-the-job-experience.
Other Ways to Avoid Student Debt
You can rent your textbooks rather than purchase them to save money—and go to a state university as an in-state student to get reduced tuition. One more thing; attending one of the U.S. military academies and entering service as an officer gets you a free college degree. Long story short, earning a debt free college degree can be done—with strategic planning, lots of legwork and putting forth some extra effort.
