Going To College Debt-Free: 8 Things You Must Do
Despite the fact that COVID-19, along with the proliferation of ways to make money online, has opened up a whole new thought process around the need and necessity of a college education, the fact remains that many folks are still seeking college degrees. And there's nothing wrong with that.
The cost of college is still astronomical, and there is no sign on the horizon that this will change anytime soon.
Below is the average costs per semester for room and board in the last 50 years
According to this article put out by the Inside Hire Ed, many colleges and universities have recently shifted their original plans of action, regarding contingency plans for re-opening in the fall of 2020, and have now decided to offer online courses instead of in-person courses.
Now, if they would just put the same energy they've put into these contingency plans, into actually figuring ways to lower costs, we'd all be much better off. Many studies show that the cost of college tuition is continuing to out pace inflation and the increases are seemingly endless.
STUDENT LOAN DEBT STATISTICS
Data as of Dec. 31, 2019:
Federal student loan borrowers: 42.8 million
Average federal student loan debt: $35,397
Total student loan debt (Private + Federal): $1.64 trillion
Student loan delinquency rate: 11.1 percent
Data as of Dec. 31, 2018 (most recent available):
Graduates with student loan debt: 65 percent
Average student loan debt for class of 2018: $29,200
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I'm not going to bash colleges, which is what seems to be so popular to do nowadays. Instead, I still believe that college is very important, and there are some fantastic pros to getting a college degree.
However, what I will tell you is that you don't have to go deep in debt to get that degree. Whether you are a first time teen college student, or a seasoned professional in your career seeking an advanced degree, there are ways to pay for college without going into debt. I'm not saying don't go to college.
I'm simply saying, go to college the smart way. You don't have to come out of college in loads of debt.
Map provided by Student Loan Planner