Sunday, October 28, 2012

Above Average in Student Loan Debt?

The numbers are out for the class of 2011 and two-thirds of the graduating class graduated in debt. If you are an average borrower, you owe $26,600, exceeding the class of 2010 by 5%, Was it worth it? In 2011, the unemployment for college graduates was 8.8% while unemployment of high school graduates was at 19.1% so the employment number would say yes.

So you decide to go to college. How do you reduce the amount of money you will borrow, have a good time, and graduate? Here are a few ideas.

1. Graduate on time or early. An extra year of college can cost you can $50,000 or more. To calculate the cost of that extra year, add your tuition, fees and books to your potential starting salary. Say that your tuition, book, and fees are $20,000 and your starting salary is $30,000; that extra year cost you $50,000. This number could be higher or lower depending on where you attend college and your career. Just for fun, calculate your own cost of an extra year of college. If you were to graduate in 3 years, you just saved $50,000!

2. Go to a college you like with a major you like. Transferring from one school to another can cost you an extra semester or year, depending upon what credits transfer and how credits are applied. If you do transfer, check with your advisor or Registrar’s office to make sure that all credits transferred and were applied correctly.

3. Do your homework when picking a college to find out what the average student loan debt is for that institution. Some colleges work very hard to offer students work-study money and enabling students to graduate either debt free or with small student loan amounts. College of the Ozarks, Knoxville College, and Berea College are strongly committed to students graduating debt free.

4. Apply for scholarships and grants. Grants and scholarships do not have to be repaid. Great places to check are fastweb.com as well as with local organizations or employers who might grant scholarships. If you were to calculate the time you invest in researching opportunities and the funds you receive, you will be surprised at your hourly wage.

5. Take 15-18 credits per semester. To be classified as a full-time student, you must be enrolled in 12 credit-hours per semester. However at many colleges, you can take 15 or 18 credit at the same cost of taking 12 credits. That is like getting two classes a semester for FREE! You will have to work harder and you don’t want your GPA to slip, but consider maximizing your schedule so you can graduate early or take extra classes for a second major.

6. Take college level classes while in high school. In many high schools, student can have dual enrollment in both their high school and in a college. Many of these partnerships are with local community colleges. The high school pays for the class and the student can graduate with college classes. Who knows, you might be able to graduate high school as a college sophomore, completing enough college classes while in high school.

7. Talk to your admissions counselor and financial aid representative. These two contacts can be worth their weight in gold in looking for strategies for reducing college debt and increasing scholarships and grant awards. They know the inside and are usually more than willing to help you put together a plan to pay for college.

8. Take classes at your local community college. Most institutions will transfer in 62-64 credit hours if transferring from a community college; some institutions will take more. Work with the institution that you want to transfer to when you register for your community college courses. This will ensure that the courses you take at the community college will apply directly for your degree completion at the 4-year institution. I would encourage you to save the e-mail or have it in writing on what courses will transfer. Not every advisor is up to speed on transfer courses.

9. Create and live by a budget. College can be very expensive with a lot of extra-curricular activities. College should be fun, but some of that fun can be expensive. Know the opportunity cost of your fun and look for inexpensive alternatives. With your budget, you may not need all the money from your awards letter. It is okay not to borrow all the money you can while in college.

10. Start a 529 College Savings Plan. The earlier you start savings, the more time the money has to grow. Saving for College.com has details on every state’s 529 plan and college savings plan. Do your research and start saving early. An old saying states that “The best time to plant an oak tree was 20 years ago. The next best time to plant an oak tree is today.” Get started today saving for college.

There are many different routes to your college education and they don’t all have to be expensive. Take time to choose the right one for you.

What other strategies do you have for lowering your student loan debt? Leave us a comment and share your idea.

13 comments:

  1. These are in fаct gгeаt ideas in about bloggіng.

    You have touched sοme gοоԁ pointѕ here.
    Any way κеep up wrinting.

    Also vіsit my sitе - lloyd irvin

    ReplyDelete
  2. Information that informs the public and makes them good citizens is the kind of quality information that
    one can be proud to call news, and if it ever goes completely
    out of style, may the Lord help us, for it will be the end of civilization as
    we know it. A person needs to have an active internet connection to be
    able to access all the headlines and information
    on internet. All kinds of sports news today are offered live through the television.


    Feel free to visit my weblog ... Latest Daily News

    ReplyDelete
  3. I think the admin of this web page is in fact working hard
    in support of his site, for the reason that here every material is quality
    based material.

    my web site Biotechnology News

    ReplyDelete
  4. There is a growing need to meet the growing demand for biotechnology professionals and qualified graduates produced by
    universities in the United States. Mitsui Ventures has been
    a long-term venture capital investor in healthcare companies,
    and it is one of first Japanese firms that invest in international opportunities.
    What now awaits Zimbabwe - once Africa's food basket.

    Also visit my web page :: mouse click the up coming webpage

    ReplyDelete
  5. If you have a website, you can use Google Trends for your
    website traffic to increase as well. Both the content and presentation of news are drastically
    different from what it used to be. I want to mention a
    part of the Prime Law (Twelve Visions Party) which is part of Neothink.


    Here is my page Latest Daily News

    ReplyDelete
  6. Well, as we know world is changing day by day and its every single move
    in politics, business or even entertainment world affects our lives a lot.
    Yet while viewers will inevitably make comparisons between Diane Sawyer and Katie Couric,
    they have very styles, as Diane Sawyer has more of a reputation for a 'harder' journalistic style.
    The facility of websites and online news are also getting lot of appreciation because it is very
    time saving and people can read it in between their work.


    my webpage :: international news

    ReplyDelete
  7. Hey! I just wish to give an enormous thumbs up for the good
    information you’ve right here on this post. I will likely be coming back to your
    weblog for more soon.

    Also visit my page :: SEO

    ReplyDelete
  8. Hi thеrе to everу body, іt's my first visit of this weblog; this blog contains awesome and truly good information designed for visitors.

    Feel free to surf to my page; reputation management firm

    ReplyDelete
  9. I like the helpful information you provide in your articles.
    I'll bookmark your weblog and check once more here regularly. I am rather certain I'll be
    informed many new stuff right right here! Good luck for the next!


    http://aladdingaragedoors.co.za/gallery.php?level=picture&id=3

    Take a look at my website ... online profit master

    ReplyDelete
  10. I think what you said made a great deal of sense. But, think on this, what if you were to create a killer headline?
    I am not suggesting your information is not good, but what if
    you added something that makes people want more?
    I mean "Above Average in Student Loan Debt?" is a little boring.
    You ought to peek at Yahoo's home page and note how they create news headlines to get people interested. You might try adding a video or a pic or two to get people excited about everything've got
    to say. Just my opinion, it could bring your posts a little bit
    more interesting.

    Stop by my web site; Ultra Slim patch

    ReplyDelete
  11. How my search for a real loan lender was actualized: I am Engr Belen Drilon by name, A born citizen of New Zealand, But due to my business i reside and i live in Canada. I have been here with my family for the past 25 years now for business. Before i really move on with my success story. I will want to first of all let everyone know that i am not joking with my story. Almost six months ago, I was in a critical search for a genuine loan lending company were i can obtain a loan of $120,000.00 Dollars, On this search i was not lucky to contact this reliable and dedicated loan firm that has taken helping those in need of loan there sole responsibility without failing them. During my search i contact four loan lenders online that promised me loan but at the end of it all i was aware they were fraudsters and complete scammers from Nigeria that were reported to the FBI by me when i found out that they out online to rip were they did not sow. But before i could realize this, I have lost over $17,500.00 dollars to them. Anyway i am so happy now as i am smiling now, Because i finally meet with this reliable loan company called Nort Jeje loan Investment who finally granted me my desired loan amount of $120,000.00 for the period of 16 Years. To be honest with all that are in-search of a real and genuine loan company, I was in a very big doubt when i contact them online after reading through there advert were they said they offer loan to the world, Oh !! I will never forget on the 2/1/2014 which was in the afternoon my time when i was suffing through the internet when i came across the advert that was posted by them. I don't really know what take my attention to that advert, Because i vowed to God that i will never contact any loan lender online again, That they are all con artist and rip off. But this day that i read through the advert of this loan firm know as Nort Jeje loan Investment, A spirits inside of me direct me to contact them and when i did, I told them all i have been through online trying to get loan and they personally sympathize with me and said to me that i should be lucky and thank God for directing me to them finally, As they are giving me a 100% assurance that after this loan process has been done, That i will get my loan show up on my banking information's that i sent to them during the period of processing my loan amount. I am so happy and i don't even know what to say about this dynamic loan firm anymore that i came in-contact with that grant me my loan amount without any trace of scam activities. I am so sure that if this advert that i am dropping on this website is seen by the board of directors of this loan firm they will be impressed as i promised to testify of there goodness if they can grant my huge dream loan amount that has taken my business to the next level now. To all you loan seekers out there that need loan to speed up his / her business, settle long period accumulated bills / debts and to be financially stable, i urge you all today and now to stop searching as i and my wife is telling you all in the name of God for those that are Christians like us and to the Muslims, we are telling you all in the name of Allah if i am right, not to fall a victim to those scammers / rip off artist out there online, As be wise to kindly send your loan application to Nort Jeje loan Investment as you are not going to regret doing this at all. The kind of loans they grant to customers are as follows: Personal Loan, Business Start-up or Expansion, Education, Debt Consolidation, Hard Money Loans, etc. Save yourself from the scam loan lenders online and send your loan application to : nortjeje@hotmail.com for your loan amount..

    ReplyDelete
  12. Thanks for the blog loaded with so many information. Stopping by your blog helped me to get what I was looking for. funding talent reviews

    ReplyDelete