Paying for college is not easy, and more than half of the population takes out a student loan to pay for school. Approximately 70 percent of all college students in the United States take out a loan, and the total student debt amounts to roughly $1.4 trillion. While these student loan statistics may imply that getting a student loan is normal, getting buried in your educational debts may not be the best choice.
For those who would rather not be weighed down by their debts for years to come, here are three alternatives worth considering:
Think Outside the Box – Consider Online Educational Institutions
With the yearly increase of college tuition, you should be strategic in choosing the institution you are going to attend. Public colleges are cheaper than private universities. Another thing most students forget is this that they have the option to study online.
Distance learning is the new way to get a higher education, and a university offering this option is a more cost-friendly choice. Many institutions, both private and public, are offering 100 percent online courses at a fraction of the price of a traditional degree. Maryville’s Bachelor’s in Accounting is a degree you can take fully online. As for those who would rather attend a public university, there are universities participating in distance learning education like the University of Alabama at Birmingham. UAB offers a Bachelor’s in Accounting online, too.
Federal Work – Study Programs
For those who want help in paying their school fees, the government has programs in place designed to help out. Part-time and full-time students can get a part-time job from participating educational institutions to help out with their tuition.
The Federal Work-Study program provides opportunities for those who demonstrate financial need. The best way to avail of this is to fill out the Free Application for Federal Student Aid, indicating you are interested in student employment.
Look for an Employer Who Will Help Put You Through College
Working while studying may be challenging, but it can be rewarding, too – especially if you have an employer who will support you through school. These days, there are several companies with existing programs to help their employees finish college or pursue a higher degree.
Many employers offer a college tuition reimbursement program because it’s a valuable investment for them. The health insurance company Cigna, and the popular international coffee chain Starbucks are just two companies offering employer tuition assistance programs.
Paying for a college education may be difficult and challenging, but with the right mindset and determination, you have several options if you truly want to study.