10 Ways to Pay For & Afford College With Less Student Loan Debt

According to FinAid, the average accumulated student loan debt for new graduates in America currently stands at $24,651 per Bachelor’s level graduate. This is an unfortunate consequence of the skyrocketing costs of higher education in this country, and as a result, many people are constantly seeking ways to reduce the financial impact of obtaining knowledge. There are numerous ways to save money on higher education. Below is a list of 10 of the most effective ways to reduce your college expenses and the associated student loan debt. 1. Take AP/IB Level High School Classes Advanced Placement (AP) and International Baccalaureate (IB) level coursework is offered at many high schools. One of the best ways to make yourself more attractive to prospective universities, as well as a more favorable candidate for college scholarships and grants, is to take  AP or IB level classes whenever possible. Another huge benefit to taking these advanced level classes is that many institutions will award college level credit for the completion of AP and IB exams (as long as you meet a minimum required score). This will reduce the number of credits you must take for your college degree, consequently lowering the cost of tuition. 2. Attend Community College Community colleges are an outstanding and underutilized resource in the American educational system. Many of these schools have partnerships with state universities that guarantee students admission to a four year program after completion of  2 full years at the community level. Because community college tuition is much cheaper than that of most four year universities, students will significantly lower the cost of obtaining their four year degree. 3. Go to a State University Many private schools charge a premium for the pedigree of the institution. Most students, however, can easily meet their educational needs at local state universities, where reduced tuition rates are available to students who have established in-state residence. 4. Look for Scholarships and Grants As a consumer of higher education, you must be well educated as to what sorts of scholarships and grants you are eligible for. Take advantage of every opportunity to apply for both of these money saving options. There are also numerous scholarship programs offered through private companies. To search for scholarships, try CollegeData’s  Scholarship Finder . 5. Attend Summer and Winter Terms Often, summer and winter terms of school cost less than those in Fall and Spring. As an added bonus, the classes are accelerated, sometimes shortening your tenure at the college of your choice by allowing you to take more credits in less time. 6. Attend Online Classes Most traditional universities now offer at least some coursework online. This can be an economic boon to students for several reasons. Online courses reduce your transportation and housing costs, and may allow you to work full time while obtaining your degree. This can also be extremely helpful for nontraditional students pursuing further education while taking care of their families. Although every student learns differently, modern technology has made online learning an effective and money saving tool that can greatly reduce the costs of your degree. See this list of the best online colleges and accredited online degree programs . 7. Take More Credits Per Term If you are paying full time tuition, most colleges do not differentiate between 12 credits and 21 credits. Check with the college of your choice to see if they charge a flat rate for full time students. If you want to reduce the expenses associated with your college degree , taking as many credits as possible is one of the best ways to graduate early without paying any extra money in tuition. 8. Work While In School Work study, part time jobs , and even full time jobs can hugely offset the costs of higher education by allowing you to pay for some or all of your living expenses instead of taking out additional student loans to do so. Even getting a part-time job will help offset many college costs including buying used textbooks . 9. Look for Paid Internships In this day and age, paid internships or summer jobs for college students are hard to come by. But if you can find one, this may be one of the most efficient ways to both make a little money and gain credit for your chosen degree. Although they are few and far between, if you can find a paid internship in your field, snap it up and know that you are being a fiscally responsible student. 10. Give Back After Graduation If you made it to graduation and are having difficulty paying back your student loans , consider giving back to your community and your country. Working in a public service capacity may merit loan forgiveness after 10 years under the College Cost Reduction and Access Act of 2007. Final Word While pursuing higher education can be incredibly lucrative both personally and professionally, it can also be extremely expensive.  Don’t let the numbers stop you from achieving your dreams. Take the time to research the many options available for reducing the costs of earning a degree. You’ll find everything you need to become who you want to be while keeping your finances on solid ground. How did you pay for college? Share your experiences and tips in the comments below! (photo credit: Lu ) Related Articles: Student Loan Debt is Overwhelming For Young People Bush Proposes to Raise Pell Grants and Lower Private Lender Subsidies for College Student Aid How to Afford College Study Abroad Programs with Scholarships & More Should You Pay For Your Child To Go To College? Student Loans Investigation Will Benefit the Students 10 Ways to Pay For & Afford College With Less Student Loan Debt is a post from the Money Crashers personal finance blog .

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10 Ways to Pay For & Afford College With Less Student Loan Debt