Getting a college degree is an expensive prospect these days. Even if you opt for a public four-year, in-state school, you might still end up spending many thousands of dollars to walk away with a diploma. Worse yet, you might end up graduating college with a heaping pile of student loans you struggle to keep up with.
One thing you should absolutely know going into college is that you don't have to resign yourself to graduating with a massive sum of debt. If you play your cards right, you can keep your debt to a minimum and avoid some of the stress that so many borrowers today are under.
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It's possible to get an education for less
Some people go to college with the assumption that they're going to graduate with a lot of debt -- and that they'll just deal with it when they graduate. But in reality, there are steps you can take to minimize your student debt and set yourself up with manageable loan payments upon graduation.
First, consider your school of choice wisely. Private college might seem tempting but could mean spending an extra $15,000 a year or more than a public college to have access to a pretty campus with slightly nicer lecture halls. Is that worth setting yourself up to owe $80,000 or $90,000 in student loans at graduation? Probably not.
Unless you have a pressing reason to attend a private college, consider sticking with public schools. And ideally, choose one that's located within your state of residence so tuition costs are lower.
If you're going to choose an in-state school, consider commuting if you have access to a vehicle. You might enjoy the dorm room experience, but if it costs you an extra $10,000 a year, you might end up regretting the decision to bunk on campus when your parents' home is a mere 30 minutes away.
Finally, consider your major carefully. You might enjoy reading the classics, but is a degree in literature going to set you up for a good career? Is it going to put you in a strong enough position to repay the student loans you're forced to take out?
You may want to consider a double major if there's one subject you're genuinely interested in but another that's more likely to get you hired somewhere after college.
Don't set yourself up to struggle
An estimated 43.5 million Americans are now on the hook for student loan payments, and the average borrower owes a whopping $37,338. If that sum sounds outrageous to you, then take this advice to heart -- and take steps to keep your loans to a minimum. At the same time, make sure you're setting yourself up to be able to repay whatever loans you wind up taking out.
Falling behind on student loans after college can have serious financial consequences. Unless you're convinced you'll be able to handle that debt, you may want to do what you can to avoid student loans completely. That could mean attending community college for a couple of years or working for a while so you can save up to cover tuition, rather than borrowing for it.
