The average American student finishes college with tens of thousands of dollars in debt. In 2013, US News estimated that roughly 70 percent of graduates walked across the stage carrying $28,400 in student loan debt. That’s about two reasonably priced used cars. In other words: college is expensive. So the most important part of rectifying this issue is to begin by changing the way we look at financing a college education. Your financial health is a big deal. Without it, the struggle is real. From credit cards, to leasing an apartment, to getting a car and the last thing you want to do is pile loans on top of a fragile financial house. This is not to say that financial hiccups can’t be reversed. They most definitely can! But if you educate yourself and try to be proactive versus reactive, you could save yourself a little trouble and maybe a few thousand dollars. Trust me, I'm one of the unfortunate ones on the reactive route. So here are a few options you may not know about or may have heard of but never looked into.
1. Work for a program that offers college credit as compensation.
Government programs, like certain AmeriCorps programs, provide assistance with financing your education in exchange for a fixed time commitment. You help give back to the community usually through service during this time. In addition to college financial assistance, you also get to travel and get some real-world professional experience. This can be a great option if you’re a high school graduate and aren’t ready to jump right into college; or if you’re a college graduate (or soon to be, like me!) looking for some professional experience while figuring out your next big move. Get on the website and check into programs such as FEMACorps and AmeriCorps NCCC. There are a ton of different options!
2. Go part-time, or start out at a community college.
While it is definitely faster to go full-time, sometimes the fast-track is not the best track if you don’t have your finances in order. Maybe instead of taking a full-course load, you could reduce your hours to part time. This way you can work to save money for tuition. Also, this gives you more time to focus on each class, rather than being bogged down by a full load. Another option is starting off at a community college which is most likely cheaper and transferring after your second year to finish at your dream school. This cuts costs drastically and also gives you a sense of appreciation once you get to your dream school.
3. Research employers that reimburse you for college courses.
Did you know some employers actually reimburse you to get your degree?! Companies such as The Westin, Aeropostale, Apple, Bank of America, Barnes and Noble, Best Buy, Disney, Google, Home Depot, Starbucks and Target just to name a few all reimburse you for your college tuition. As with everything, there are stipulations. Many companies reimburse only for certain degrees aligned with that specific line of work. Also, reimbursement means that you pay out of pocket originally and are compensated according to the grades you achieved upon completion.
4. Study outside of the country.
This is one many college students are unaware of. There are actually many countries outside of the United States that offer free college education. Among these countries are: Germany, Finland, France, Sweden, Norway, Slovenia, and Brazil. Talk about a sweet deal! You get to travel outside the country and immerse yourself in a new culture and way of life all while getting your college degree… FREE.
5. Do your homework!
While this list only comprises of a few alternative options to financing your education, be aware that there ARE options out there. Be diligent. Do your homework and research. It will save you a pretty penny in the end. And you might just gain some pretty cool experiences along the way.
