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10 Strategies to Reduce And Repay Your College Debt

10 Strategies to Reduce And Repay Your College Debt

When I finished college, I was lucky to find a great job in my field in less than a year. That was the good news. The bad news was that I had a lot of college debt. I had attended a wonderful, but pricey university. Because I was in an academically challenging program, there were several semesters where I opted to live on loans rather than working. That’s something I now look back on with regret.

I can now happily say that I am debt-free (at least as far as college loans go). It took a while to make it happen, and I learned a few tough lessons along the way. If I had to go back and do things over again, there are definitely some decisions I would reconsider.

Knowing what I know now, here are 10 strategies I would like to pass on to current and prospective college students to help you avoid my mistakes:

1. Apply For Scholarships

I was fortunate enough to receive a small scholarship through a foundation that my father’s employer started. It definitely helped. I wish that I had sought out more scholarship opportunities. Unfortunately, at the time I assumed that these were limited to academic superstars and athletes.

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What I know now is that there are thousands upon thousands of dollars in untapped scholarship funds. These funds are rewarded by a variety of groups and organizations. They are given to students who a pursuing specific career paths, who are able to write convincing essays, who have a history of community service – even students who are exceptionally tall. Do your research and you will likely find at least a handful of scholarships you qualify for to apply to.

Here are some sources to consider:

  • Your local Chamber of Commerce
  • Fraternal organizations and charities
  • Your employer and your parents’ employers
  • Associations and trade unions in your field of choice
  • College and high school alumni associations

2. Seriously Consider Work-Study

This is where I made a big mistake. I didn’t want to work a part-time job off-campus because the standard 20 to 25 hours per week was just too much for my demanding schedule. However, if I had taken a work-study job for twelve to sixteen hours each week, I could have cut the amount of student loan funds that I allocated to personal, living expenses by about half. Considering the high amount of interest that student loan debt accrues, that can be pretty significant.

3. Trade Service for Tuition or Loan Forgiveness

In addition to offering scholarships, some companies will reward students, especially employees, with college funds if they participate in a minimal number of customer service hours. Students who are willing to really commit a significant chunk of time to serving others can participate in government programs that offer tuition payments or loan forgiveness in return for service. However, it is important to note that many of these programs require 10 to 12 months or more of service. Examples of service opportunities include: AmeriCorps, Fema Corps, Peace Corps, and Teach For America.

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4. Look Into More Interest-Friendly Options

Private student loans can be expensive. This is especially true because most college students have not established the credit-worthiness or accumulated assets that they can leverage to negotiate loans at better terms. One thing to consider is asking your parents or another supportive family member to help you to finance your education by co-signing or taking out loans in their names. For example, a personal loan that your parents secure with a certificate of deposit at their hometown bank may be half the interest of an unsecured student loan from a large bank.

5. Avoid For-Profit Schools

The two best ways to deal with student debt is to simply pay less tuition and attend a school with a great post-graduate employment rate. One of the best ways to make this happen is to steer clear of for-profit schools in favor of public and private colleges and universities. You will pay significantly lower tuition rates and increase your chances of obtaining a good job post-grad. If you choose to, you will also increase the likelihood that you will be accepted into a decent graduate program.

6. Cut Back on Spending and Delay Major Purchases

Once you have finished school, it is time to sit down and create a five-year financial plan. If you have a lot of debt coming out of school, this plan should focus on reducing spending and being conservative when it comes to taking on new debt.

It is also important to prioritize ensuring that your student loan payments are made without fail. This way, if there is ever a significant financial emergency in the future, you are in a better position to renegotiate terms. For some graduates, this may mean finding alternative ways to deal with emergency expenses. According to First Choice Title Pawn, there are easy ways to get quick cash in the case of emergencies, while still keeping up with your other financial obligations.

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7. Consider Community Colleges and Public Universities

If you are unsure about your major or the career you want to pursue, are you sure you want to go into thousands of dollars in debt to attend a private university? Many students opt to do this and end up owing banks and the federal government lots of money.

If you do have your heart set on attending a private college or your future goals require that you attend a four-year college, take a look at commuter schools and community colleges anyway. You may be able to earn credits during summer sessions by taking a couple of classes at the local community college that you can apply towards your degree.

8. Start Paying Down The Debt Immediately

Many students don’t realize this, but you don’t have to wait until graduation to begin making payments. Even small payments made while you are still in school can help you to reduce your overall debt. This is good information to pass onto your parents as well, if they have committed to helping you pay down your debt.

9. Pay More Than The Minimum Payment Each Month

If it helps, think of your student loan payments like you would a mortgage payment. If you only pay the minimum, the terms of your loan could stretch for decades. However, if you double your payments, or make a second payment each month, you can significantly reduce the length of your loan. Just keep in mind that all loans vary, and ask your lender for information on their specific policies.

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10. Consider Career Paths That Earn Loan Forgiveness

If you are interested in a career that serves others, you may be qualified for full or partial student loan forgiveness. Students entering fields such as nursing, social work, and public education can often have their debt reduced or even eliminated altogether. Just be aware that there are restrictions. For example, a teacher willing to work for five years in the public school system is more likely to qualify than a teacher who goes to work for an elite private school.

Student loan debt is a real problem. It significantly impacts the quality of life of many college graduates, and has also become a matter of political concern. By using the tips outlined above, you may be able to reduce or even avoid taking on too much crushing debt.

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Last Updated on July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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