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Tips for Avoiding Student Loan Debt

February 18, 2020

By Guest Post

Students graduate with five-figure student loan debt nowadays. This debt load has made many future students rethink college, with some opting out of college altogether. However, it doesn’t have to be this way. It’s possible to get a good education without taking out student loans. Here are some ideas.

Paying Without Taking a Loan

One of the first steps you should take is to figure out what your child’s work situation will be while he or she is in college. Actually, a work plan should begin before the college years start. Perhaps, your child works during the summer and on winter break to save money for school. Don’t discount work study, either. Work-study allows students to work on campus and many campus employers will work around a student’s school schedule, making working during college possible. Finally, consider having your child sign up for some classes at the local community college before heading off to a four-year university or do a dual-enrollment program while he or she is still in high school. These classes can earn students college credit at a fraction of the cost.

Scholarships

It’s possible to offset the cost of college with scholarships, and if you fill out the FAFSA and turn it into the school’s financial aid office, your child may also be eligible for grants, too. Both of these education financing options can save you thousands. Additionally, if your child has a talent, like gymnastics, then it’s possible to get a full scholarship for that talent to pay for tuition, as well as room, board, and books.

What About Personal Loans?

Some people find that they can forego student loans by getting scholarships and working. However, they may still need cash for living expenses and books. If your child is in this situation, you may want to look into personal loans. You can find open-ended loans to take care of smaller expenses. While any loan can be a risk, a small personal loan comes with fewer risks. Additionally, one with an open line of credit allows you to borrow money as you need it, pay it off and use it again, without taking out a new loan.


Many students and their parents are trying to find alternative financing for college. The cost of student loans is just too great. That being said, there are actually many practical solutions for this problem. In order to make them work, you and your child must sit down and plan together. It’s likely that you’ll find the sacrifice you have to make it worth it in the long run.


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