Student Loans -The Only Way To Go!

Student loans are usually the only alternative for most education seekers, unless they happen to have $15,000 - $100,000 just lying around.  To get a good job these days without a degree is virtually impossible.  The good news is school loans are not required to be repaid until 6 months after you either graduate or leave college, and they are based upon financial need, not your credit score.

Student Loans Versus Additional Debt

Getting a higher education can be a very expensive option that may leave you in a financial crisis after you graduate. On average each student who seeks higher education is left with $15,000 in student loans and $2,000 in credit card debts. While getting an advanced education is a great idea, starting out in life with a large debt is not. 

Don't ask for more money than you need when applying for student loans.

Is There Anything You Can Do To Reduce Your Debt?

The first step to avoid any financial crisis is planning. You should begin planning for how to fund your education well before you get there. This advanced planning can save you thousands of dollars in student loans and even help you graduate earlier. You can begin in school by taking all the advanced placement courses available to you. Each advance placement exam that you pass means one less course you need to take in college or university. 

Take any and all placement tests available to you before you enter college.

If you already have several student loans, then you may qualify to consolidate student loans.   

APPLY FOR A STUDENT CONSOLIDATION LOAN HERE!

Alternatives To Getting A Student Loan?

You can get a grant or scholarship.  The key to getting any of these is getting and maintaining good grades especially since there is so much competition for them. You may be able to increase your odds of getting a scholarship with a little extra hard work. While everyone knows about all the big scholarships and grants available, there are many smaller ones available that are not advertised or very well known. These grants and scholarships usually come from local businesses so the key to finding out about them is to be asking questions and seeking out public records. Go to local community groups, business associates and union halls and ask if they offer scholarships and if not do they know who does. Keep in mind that a few smaller scholarships will go just as far as one large one.

Talk to your financial aid advisor of the college you plan to attend about any  scholarships and grants available to you as well as local businesses.

Attend College Free - No Student Loans!

Depending upon the direction that you wish to take you may consider volunteering for public service in exchange for your education. The U.S Military, National Health Service Corps and Americorps will all pay for your education in exchange for being a reserve member of a short tour of duty. Your tour of duty may be as short as 10 months or as long as 8 years depending upon choices you make. This option may also benefit you since you may be able to serve in such a way that you also gain valuable work experience.

Volunteer for public services or join the U.S. military and attend college for free.

So, When And Where?

With many programs the first few years are general studies and only the last few years are specifically targeted at your intended career. For this reason you may be able to save yourself a lot of money by starting your education at a local community college and then transferring to a university to complete your studies. Your career guidance counselor will be able to help make sure that the credits you are earning at college are transferable to the university that you intend to attend.

Compare the credit hour costs of colleges in the same locale and attend the least costly college while taking your core classes. (Make sure your all of your credits will transfer).

Higher Education Does Not Have To = Higher Debt

Getting a higher education is a requirement for everyone but it doesn't have to leave you with a high debt load. With some careful planning when you are in college and by doing a little extra work you will be able to greatly reduce the costs of your higher education. And of course the more you reduce your student loans the sooner you will be free and clear and rapidly moving ahead with your career and life style that you rightly deserve.

Plan ahead.  Save money now and attend college later.

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate

Conclusion:

Just as with any loan, borrow only what you need, have a plan to pay it back, and pay it back as quickly as possible (unless you have 0% interest). Always check into your alternatives. Volunteering your time in exchange for a free education is not a bad way to go either.

Remember you don't have to obtain student loans to go to college, but you almost always have to have a degree to have a good career and good retirement.