Five ways students can avoid or reduce college debt

USA Today

2 days ago

Students searching for the college of their dreams typically consider a multitude of factors: strong academic program in their major, vibrant campus life with attractive amenities, student abroad and internship opportunities.
But one factor that eventually becomes a focal point is college cost.
Currently, more than 40 million Americans have federal student debt totaling more than $1.6 trillion. To avoid joining that group, college-bound students should consider some strategies that could help control costs in the long run.
Consider in-state schools
Students should apply to at least one public in-state college, where the list price tuition is typically the most affordable. For example, the tuition at Rutgers University – New Brunswick for this past academic year was $17,929 for New Jersey residents. At The College of New Jersey (TCNJ) it was $19,632, and at New Jersey Institute of Technology (NJIT) it was $19,000. Room and board do add to the cost, but most New Jersey students live within commuting distance of at least one of New Jersey's 11 public four-year colleges.
Have a plan
Students should spend time in high school identifying the field they want to pursue in college. It's never a good idea to start college 'undecided' because there's no guarantee that once a student does identify a favorite major, there will be a seat available in the program. Even if the student is able to enroll, the courses that have already been taken may not count towards those required for the major. Thus, graduation may be delayed by one or more semesters – significantly increasing the cost of earning a degree.
In case you missed it: You may not need that student loan after all. Here's the latest college tuition trend.
Get to work to offset costs
Students should earn money during their college years to help offset student debt or at least cover some of their living expenses. There are often companies with locations near many colleges that offer tuition reimbursement, including Chipotle, McDonald's, UPS, AT&T, Comcast, T-Mobile, Best Buy, Home Depot and Walmart.
Find free money
Students should invest some time in seeking - and applying for - available scholarships. A good place to start is at Discover.com, which offers a scholarship search database that includes four million scholarships that are collectively worth more than $22 billion.
Focus on performance
Students should work hard to have the highest GPA and SAT scores that they are capable of earning. It's typical for colleges to award scholarship money based on these criteria. Whatever scholarship money is offered for the first year is typically renewed for the next three years. Thus, a $15,000 award ultimately provides $60,000 in scholarship money. So, focusing on GPA and SAT scores is frequently the easiest way for students to minimize their student debt.
By paying attention to college costs in advance of enrolling, students can avoid a future of debilitating debt.
Susan Alaimo is the founder & director of Collegebound Review, offering PSAT/SAT® preparation & private college advising by Ivy League educated instructors. Visit CollegeboundReview.com or call 908-369-5362.