Starting college is a major milestone. If you're set to go off to college this summer for the first time, you may be growing increasingly excited by the day.
In the coming weeks, you may have a number of tasks to check off your list, like packing your bags, purchasing last-minute bedding and dorm supplies, and checking in with your soon-to-be roommates to see who's bringing what in terms of entertainment. You might also have to do things like sign up for classes and schedule an initial meeting with your academic advisor.
But there's an additional move you may want to make in the coming weeks as you gear up to start college -- lock in a job. It's a move that could spare you loads of student loan debt and the stress that tends to go along with it.
Image source: Getty Images.
When you're able to work and borrow less
Many people can't afford to pay for college outright and need to take out student loans. If that's the boat you're in, you're obviously in good company, since 43.5 million Americans currently owe money in student debt.
But you may also be shocked to learn that the average student loan balance this year is $37,338. And that's just among federal student loan borrowers. If you're taking out private loans, you may be setting yourself up for an even higher balance upon your graduation.
That's why holding down a job during college is so important. If you're able to earn, say, $5,000 a year, that's $20,000 less that you might have to borrow in the course of getting a degree over four years. And while working while taking classes certainly isn't the easiest thing, it pays to think about the financial freedom it might buy you later in life.
Also, the reality is that it's easier than ever to juggle college classes and a part-time job, thanks to the gig economy. Rather than force yourself to work at the campus bookstore during preset hours or commit to a retail job that has you pulling long shifts the week of midterms and finals, you can find a gig that you do at your own pace. It could be pet-sitting in other people's homes, writing content online, or even doing data entry. (It may be boring, but you can ease the pain by listening to music if it's not too distracting.)
A sacrifice that's apt to pay off
So many college graduates today are utterly saddled with student loan debt. And many, no doubt, regret having borrowed as much as they did. While you may be looking forward to doing your share of learning and hanging out at college, do consider the benefits of working in some capacity.
And if you're hesitant to get a job right away, take a couple of months to adjust, if that's what you need. When your goal is to minimize your student debt, it's better to start a job a few months into college than not to work at all.
