A large number of working middle-class American families are agreeing to the fact that funding the college of their children is becoming difficult.
Most of the students are funding college studies on their own.
The growing cost of education is forcing the students to choose a bad career to immediately boost their income level.
College students are either borrowing federal educational loans from the US Department of Education or personal student loans from private organizations.
Those who can’t afford either of the two options are quitting college altogether.
Borrowing a student loan is now the only way to fund higher studies.
However, the main concern is, taking out the student loan is not enough, students have to pay them off.
After completing the studies, most of the students are unable to pay off the student loan debt due to low income or poor financial management.
So, it is better to avoid additional debts while in college.Avoiding debt altogether while studying is difficult but possible.
Here are 7 ways students can fund their college education without falling into debts.
Most students, nowadays, stay out of state with their friends and they tend to adopt a lifestyle that is beyond their means.
No matter what amount of income they earn from their part-time jobs or from their allowances, their expenses are always beyond their means.
You should follow a budget and keep a close track of n your money.
Eliminate all unnecessary expenses from the budget so that you can devote your dollars only on the things you need.
If you think that whipping your plastic is the latest trend, you’re grossly mistaken.
The more you use a credit card for purchasing things, the more you’ll find yourself in the debt trap.
Use cash instead of credit card, as much as possible, and control yourself from getting things with credit when you can’t afford it with cash.
This is one of the golden rules of living a debt free life from the beginning of your career.
Experts advise people to save at least 10% of what they make in a month so that they have enough to make ends meet.
It has been often seen that most scholarship programs and grants are offered at first cum first serve basis.
Getting the scholarship is not easy; you need to pass the eligibility criteria.
However, you will find many types of grants and scholarships. You may obtain one that fits you the best.
Most personal financial experts recommend that there is no substitute to leading a frugal life, whether they are students or adults.
You must know how to differentiate between your wants and needs.
It is important to keep a firm grip on the money so that you don’t lose control on it.
Lastly, most of the students are too casual about their finances and neglect their monthly fees and payments.
Thus, they soon fall into the sea of high-interest debt while studying.
It is important that the students become serious about their finances to stop being pushed into a debt cycle while in grad school.