We may have all heard this saying before” Education should not be a debt sentence” and yet still today that’s exactly what it is.
We all want our kids to get a higher education, but how do we do this when colleges and universities keeps on increasing their tuition every other year?
How do we help our kids with this huge cost which could potentially be hanging over their heads for almost a decade after their graduate?
Education should not be a DEBT sentence
There has to be a way around it!
A few years ago, whilst completing my undergrad degree and later my graduate degree, I promised myself that I wasn’t going to graduate with a truck load of tuition debt and so I set my mind to become debt free even before graduating.
And so it was done. Here are a few suggestions which will help
Work full time whilst taking evening courses
I know, I know. The millennials today may be saying “How is this possible” or “you’re crazy” I actually got that a lot. But trust me, there was an entire class filled with students working full time whilst studying on a full time basis.
You work 9-5 or day shift and go to school after work. Simple as that! Yes your child may be exhausted after a work day but all they need to do is to sit,-listening and learn. Not rocket science.
This salary goes directly towards his or her tuition. if your child is successful in doing this, then he or she is one step ahead of thousand of other kids.
Consider Cheaper Colleges or Universities
Choosing the right college or University is an important aspect in achieving quality education.
Some offer additional components such as internship, online and distance education or even hands on experience.
However, in choosing, keep in mind the cost of the tuition. There are several lower cost universities which offers the same education and knowledge in a career field but may not be as well known as other popular colleges.
In order word, they are the no name brand schools. And there is absolutely nothing wrong with these schools. Most of the time, they are cheaper and are often unique.
Hey- if it’s gonna save you money in the end- why not.
Apply for as many Scholarships as you can
Many students do not believe in applying for Scholarships mainly because of the qualifying requirements or that the amount is so tiny.
But think about it. If everyone has the same mentality and not apply for the available scholarship, the chances of you getting this scholarship increases.
I do agree that most of the time, the amount are very tiny but every dollar helps.
Also, talk to your friends and family to keep an eye out for scholarships at their workplace.
Request for Monetary gifts from friends and family
Kindly requesting for monetary gifts from friends and family is another great way to pay off your school tuition before graduating. It may not be able to fund an entire semester’s tuition but it will be able to pay off some fees.
If your friends and family are not able to provide monetary gift, suggest that they give practical items which your child is able to use in school such as notebooks, pencil case, pens , pencils etc.
Use libraries, used text books and eBooks
Along side tuition cost, text books in some cases can cost an arm and a leg. And the funny thing is, school s seemed to change their text books every year to a new edition.
And the thing is, in some cases the new editions only consist of a few paragraphs which are restructured.
During my school years, I found out that all the text books which the school uses were in their library. If not the same edition, it may be an older edition. Enough to read, understand and pass the course.
In addition to this, some school consist of a used book store which are primarily managed by students themselves. At these used book store, also consist of the text book that the course requires.
Summer jobs, part time jobs and campus jobs
Another option for paying off your kids school tuition is through summer jobs, campus jobs and part time jobs whilst in school.
Many schools has campus jobs which helps students get some work experience and also to help with their tuition as well.
Students may also seek summer jobs or part time job or even take up a couple of freelance gigs. The trick to this is to have the student SAVE their money as oppose to spending on stuff that they don’t need.
To get simple ideas of Income generating jobs check out this article.
Another option is to apply for summer internship, not only will they make some work connections, it may help secure a job placement after graduation.
Most times, parents may have some sort of connection where they may be able to get inside information on their employer internship program. Having this information will allow them to push their kid in the program.
If not, be sure to speak with friends and family to keep an eye on internship programs at their workplace.
If successful, the wage that is received can be applied towards their tuition.
Stay away from campus living
Living on campus can come with an additional cost. A student may end up with an additional 10 grand added to their cost of school due to living on campus.
Taking this options not only increase room boarding cost bu also food cost.
My suggestion will be for a student to stay home where most likely both rent and food may be minimal or even free.
Employers Tuition Reimbursement program
Most employers have some sort of tuition reimbursement programs if an employee is interested in taking a course or program which applies to their job.
If a student is an employee of a company which consist of such program, he or she should take advantage of this.
The only catch to this is that the student may not be able to change jobs or leave the company for a certain number of years once they have obtained their education.
But the good news is the student will be tuition free and have a job after graduation.
Use your Tax Refund
Put your Income Tax Refund to work in the right way. Use it to pay your tuition. I know that one may be tempted to rush to the mall to spend their hard earned tax money, but paying your tuition with it will be worth it.
Consider doing some courses in high school
Mostly all high school education are free. iI a student already know what they want to study in university, they may take these courses in high school, achieve a good grade and apply it towards their university courses.
Doing this will avoid a student from paying fees towards this course, thus saving money which can be used elsewhere.
Transfer Credits
Transferring credits towards your university is not only a smart move but a must to save money.
Most of the time, universities consist of courses which you have taken elsewhere such as at work or perhaps at another university, Why don’t you transfer these credit to the university.
And guess what, this is one less course to worry about. More time and most money on your hand.
Consider taking summer or online courses.
Some universities provides bother summer and online courses as a business strategy. Most of the time, these courses are faster and cheaper since there are too not much competitors.
During undergrad years, my university offered a couple of fast track courses which took place over the summer. In addition to the fast track option, these courses were also a bit cheaper since they were shorter course.
Use Student discounts EVERYWHERE.
Using student discounts everywhere is not only a smart move and helps saves on money.
Most business such as restaurants, cell phones companies, stores provide discounts to students. Other companies such as Honey find discounts all over the interest once you sign up provide students discounts to encourage student to use their services.
Don’t be shy to take advantage of it and save money for tuition.
Embrace frugal living
Education and Student living is expensive expecially if a student wants to live on campus in one of the most prestigious school in the area. Between me and you- this translates to huge student debt.
But it does not have to be so if the student practice frugal living and even minimalism then he or she can make it.
The trick is to not spend on stuff that you don’t need. It is as simple as that.
Use your Education Fund.
Now I couldn’t leave without touching on the option of a registered Education Fund.
Some students may have the luxury of having an education fund opened by his or her parents.
If your child has one of those then he or she is a lucky one. Time to pull out those funds and put it towards their education.
Finally, there are more ways than one to graduate from college or university debt free.
Do not fall into the trap of having a huge debt on your shoulders even before you graduate.
If you follow these suggestions, I can almost guarantee you that your student debt will be more manageable or even paid off altogether.
Hey! If I can do it anyone can.
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