5 Ways to Avoid Student Loans

In your life, you’ll have lots of hard decisions. Should I start my own business? Should I take a year off and travel the world? Should I get the Hot, Damn Hot, or Mother Clucking Hot chicken from Hattie B’s Restaurant?

But one all-too-common struggle comes from the decisions surrounding student loans.

Below are some ways you can avoid taking student loans altogether. Some may work for you. Some may not. Either way, I hope this is helpful.

1. Apply for Scholarships

Yes, you’ve heard this before, but I’m not just talking about filling out the FAFSA and hoping you get financial aid from your college or university. I’m talking about really diving deep and applying for anything and everything you may be eligible for. Actively seek out scholarship opportunities, then take the time to write the essays and fill out the forms. It can really pay off.

One thing I’d recommend you do if you don’t know where to start is begin with the mirror exercise. Look at yourself in the mirror and try to list as many characteristics about yourself as you can. Then type into Google, “Scholarships for ____________” and fill in the blank with the words you’ve used to describe yourself. My guess is you’ll be surprised at how many scholarships are out there.

Literally, think of any descriptor for yourself and see if there are scholarships out there. Are you tall? Short? Black? Native American? Artistic? Have you volunteered while in high school? Do you know what you want to do as a profession? Don’t shy away from doing the research for scholarships. You may find more than you think.

2. Start at a Community College

Want to save lots of money? Start at a community college.

Even if you want to graduate from a prestigious college or university, you can still begin your journey at a community college. In most cases, you’ll be able to transfer your first couple years of credits to a larger college or university (be sure to double-check which credits will transfer with your specific schools).

The average tuition at a community college (two-year school) in the United States is $3,347. The average tuition at an in-state public college (four-year school) is $9,687. And get this, the average tuition at a private college is $35,087. If you spent two years at a community college then transferred your credits to a public school, you will save $12,680 in tuition alone. If you spent two years at a community college, then transferred to a private college instead of going straight to the private college, you would save $63,480 in tuition alone over those two years!

These are just examples of the type of money you can save on tuition. You may be able to save money in other ways by doing this as well. If you’re able to live at home and get free meals from your parents, you’ll save even more. If you’re able to keep the job you had during high school while attending community college, you can build up your bank accounts to avoid any student loans in the future.

3. Join the ROTC

I know, I know, this may not be right for everyone. ROTC stands for Reserve Officer Training Core. You can get lucrative scholarships for committing to the Army, Navy, Air Force, or Marines prior to going to college.

I spent the first year of my college experience training with the Army in the ROTC. It was one of the best experiences of my life. There is nothing like the comradery you build with your Army buddies. I decided the Army lifestyle wasn’t fully right for me, but that doesn’t mean it won’t work for you if it’s something you’re interested in.

ROTC programs offer a range of scholarships. Many of them cover full tuition, housing, books, and meals. Not a bad deal at all. Several Army friends of mine also took advantage of a $300 per month stipend for taking certain language classes as a part of their college curriculum. One of my friends became a nurse through the Army – and he got his entire college experience paid for because of it. He figured, if I’m going to be caring for people in a hospital setting anyway, why not do it for members of the Armed Forces?

While the commitment after college is real, it also means you’ll have a guaranteed job after college. There are pros and cons and ultimately only you can decide if this route is best for you.

4. Work Your Butt Off

Yes, I know. This goes without saying. But does it? I grew up in the midwest where hard work was just engrained into how I was raised. I’ve realized that not everyone has had that same upbringing.

Ultra-marathoner, David Goggins, once said, “If you feel like you’re completely exhausted and need to quit, you’re usually only 40% of the way to what you can actually endure.”

Can you get a job? Can you get a second job? Pro-tip: some jobs during college allow you to do homework while working (check out desk receptionist jobs at your dorms or libraries). How much can you put on your plate before it breaks?

Obviously, your school work needs to be your top priority, but trying to graduate debt-free is hard work and may require you to work harder than you ever have before.

5. Watch Your Money Closely

College tends to be a time when money seems to just disappear. How much did I spend last weekend? Why is my bank account always so low? Why are there charges every two days on my credit card for Jimmy Johns?

With so much going on with your classes and jobs and friends, it may be hard to constantly stay on top of your money.

This is why you need to build good money habits. So that even when you aren’t thinking about your money, your good habits keep you from spending too much of it. Graduating debt-free means you’ll have to be disciplined in your spending. You may have to say no to going to the bars or taking spring break trips. Watching your budget and knowing what you can and cannot spend will be vital to graduating debt-free.

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Do you have any tips on how to graduate college debt free? Leave them in the comments!

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