If student loans for college are something you want to avoid, there are a number of ways you can eliminate or reduce your college loans.
You can, of course, apply for college grants and scholarships.Even if this does not get everything paid for, every small award you can collect will help. But you have to work at it- do not expect that your guidance counselor or your college will be searching for every scholarship that you qualify for. Start searching early, keep track of the ones you qualify for, and don't miss any deadlines.
A mostly private school financial aid strategy is to set your sights on a no-loan school. A no-loan school is one that eliminates all college student loans from its financial aid package. Since Princeton University eliminated all loans from its financial aid packages many other schools have followed in eliminating some or all loans from their financial aid programs. (A related strategy is to apply to schools that have loan caps)
You can lower your cost of attendance at college (reducing the loan amount you need) if you buy cheap textbooks instead of the ones sold by your college bookstore. Your estimated COA will always be artificially inflated because your college uses their bookstore prices as their guideline. Buying discount textbooks through internet sellers is an easy way to spend less money on school.
Go for more affordable student health insurance. Most colleges require their students to be covered in order to attend- and they thoughtfully will enroll you in their own health insurance plan if you do nothing. Does anyone think that the college student health insurance plan is the most cost-effective one out there? With all the other details that families need to deal with when it comes to college, this is one they tend to let slide- and of course, colleges realize this. At least take a minute, compare quotes, and find affordable [COMPENSATED AFFILIATE LINK] student health insurance
You will need a laptop computer. Make sure you get one that meets your needs without the expensive bells and whistles you don't need. Get help choosing a computer so that you do not overbuy. And remember, computer manufacturers know when college starts. You can expect to pay more in August than at any other time of the year.
Take CLEP or AP exams for college credit. This is the most underused strategy and has been for years. For some reason, most high schools discourage the majority of students from taking these exams. If you are not taking an AP course, you can still take an AP exam. The fees are expensive, ($86 for an AP, $70 for a CLEP) but worth it if you get college credit. You can get anywhere from 3-12 credits per exam, depending on your college's policy and reduce your student loans for college by thousands of dollars. So focus on [COMPENSATED AFFILIATE LINK] studying and save. (If you are planning to attend a community college though, check to see if they accept AP credits. Some smaller schools have scheduling problems when a student comes in as a first-year student, but qualifies for second-year courses.)
And don't forget that for the 2011 tax year, everyone who pays enough in college costs is eligible for a special college tax credit to help offset these costs.
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These strategies are particularly important if you or your parents have bad credit, because your borrowing options will be more limited.
With some careful planning, you can reduce or eliminate your student loans for college enough so that when you weigh the decision to go to college, the scales tip the right way.
These strategies are particularly important if you or your parents have bad credit, because your borrowing options will be more limited.
