college tuition

How to Minimize College Debt

Submitted by strandslucia on Thu, 09/02/2010 - 11:06
Debt Managmeent //

These days a college degree won’t necessarily get you a job, but it almost always gets you in debt. In fact, a recent story on the Wall Street Journal reported that student loan debt now exceeds credit card debt in the United States. According to the report, student loans outstanding today-both federal and private-total about $829.785 billion.

According to the same article, the average bachelor’s degree graduate in 2008 owed $23,186 and college tuition is continually increasing. While $23,000 may not sound like a lot of money, take into account the interest tacked on to that, and you might reconsider.

With the number of college graduates landing a job dropping (1 in 4 according to National Association of Colleges and Employers) and tuition costs rising, its important to think about ways to minimize your college debt before your graduate. If you’re thinking about taking out student loans to get your degree, consider the following options for minimizing your college debt:

1. Apply for scholarships
There is no shortage of scholarships available to students these days. Scholarships of all types are available, you just need to take the time to do the research and do it early. In fact, one of the best places to look for scholarships during a down economy is your own local community. Talk to local businesses and organizations and find out what opportunities are available. No matter what the size of the donation, every little bit counts.

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