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  • Writer's pictureD. Harmon

How To Attend College Debt-Free


I'm sure you have heard this before "apply for student loans, get a good job, and pay it back when you graduate."Does that sound familiar? I hate to be the bearer of bad news but you were told a lie. I am convinced that most people do not truly understand how student loans work and how much those monthly payments are going to affect their lives when they graduate. Yes, you may get the "good job" after you graduate; however, that is not the whole story. Nobody wants to talk about how your disposable income is devoured by your student loan monthly payments. What do student loans and love handles have in common? They are both really hard to get rid of. Even if you file for bankruptcy, you will have to file a petition to the judge to get your student loans wiped away. In short, more times than not, you are stuck with your student loans.


According to Lending Tree, America currently owes $1.77 Trillion dollars in Student Loans https://www.lendingtree.com/student/student-loan-debt-statistics/. Just for perspective, 1 Billion goes into 1 Trillion 1,000 times. Can anyone say with a straight face that the student loan experiment is working? What is the solution? Don't borrow money to attend college! However, if you are going to borrow money to attend college please start with the college that you are interested in. Then visit the "financial aid" portion of their website. There you will find a list of scholarships and grants. Take advantage of all the free money you can because students loans are not free money. Try to minimize the amount of money that you will owe after you graduate.


STEPS TO GET A BACHELOR'S DEGREE DEBT FREE


  1. Apply for scholarships and grants (writing an essay to get free money is a no brainer).

  2. Attend your local Community College (CC). CC is much cheaper than a university. Attending CC will allow you to get all of your pre-requisites done.

  3. Pay as you go (Community College). Pay for the CC course first. Pass the CC course. If you do not have all of the money to pay for the entire course, do not sign up for the class.

  4. Work while you are in college. Save your money to pay for future college courses. Use your summer breaks to work hard and save money.

  5. Graduate with an Associate's Degree debt free.

  6. Apply for scholarships and grants.

  7. Transfer to an in-state public school. Why attend an in-state public school? It's cheaper!

  8. Pay as you go (University). Pay for the class. Take the class. Pass the class. If you do not have all of the money to pay for the entire course, do not sign up for the class. Don't be afraid to attend college part time. When you graduate, your degree will not say that you attended college part time.

  9. Work while you are in university. Save your money to pay for future college courses. Use your summer breaks to work hard and save money (work more than you play).

  10. Graduate with a Bachelor's Degree debt free.


Pro Tip 1: Run your own race (don't compare yourself to others).


Pro Tip 2: Be patient (trust the process).


All glory goes to God! I have two debt free degrees (B.S. and MBA) and my wife has two debt free degrees (B.S. and J.D.) as well. In fact, my wife graduated law school debt free. Therefore, this is not theory. It works! Follow the steps and you will graduate debt free as well.


Take care! God bless! "Change your mindset, grow your money."

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