Is The Degree Worth The Debt?

That’s a question that many new college students are beginning to ask themselves. In this recession, the horror stories of graduates going into the worst job market in decades armed with a degree that cost them $30,000 or more in debt, have made some college students reassess decisions for college. Too expensive options are frequently being put aside for more reasonable choices: community colleges, in-state colleges, and foregoing the on-campus experience. A college degree may be more of a necessity than ever, but the debt that goes along with it can easily be done without.

Community Colleges

Community colleges have long held a place as a path for low-income people to get needed college experience without the big price tag associated with state or private schools. Many community colleges offer courses that can prepare a student to get into a degree program at a university, and the credit hours transfer into that college. It takes some planning, but taking community college courses that qualify for transfer credit can significantly reduce the cost of education, since the courses cost less. Individuals who take this route will often attend a community college for the first two years and then make a leap to a bigger name for their final two years of college or university.

In-State Tuition

In-state tuition programs are significantly more cost-effective than going out-of-state and getting non-resident tuition payment plans. If you live in a state with a great choice of colleges and universities, then it becomes clear that in-state tuitions can keep you from falling into large amounts of debt during college. Even if you cannot find a college with your degree program in-state, you can move to another state and live there for the required period of time to become a resident and then apply. There’s no guarantee you’ll get in, but if you have several choices, it ups your chances.

Investigating different states works well with children of divorced parents who may have two different states to pick from upon graduation. They can finish their last year of high school in the state they wish residency in to qualify for in-state tuition at those state colleges and universities. Residency can come after three months, six months, or more. Check the residency requirements with the schools you are interested in to figure out how to qualify ahead of time.

Living At Home

Some students can’t wait to leave home, but those that don’t and attend college will be saving on rent, food, and other daily living expenses. It may not be great to have Mom and Dad involved in your college years, but it makes smart financial sense. It can help you share transportation and give you a support system when you get sick. When college is over and you get that job, it may be time to move out permanently. If there is a way to stay grounded for a few more years at least, it’s the least expensive option to help cut costs during this time.