College Debt Free?
As a junior at Temple University, I hear horror stories about graduates who are still paying off their student loans twenty years after they graduate. With the cost of tuition increasing at alarming rates, it is starting to repel students from gaining a higher education.
So what is the trick to going to college and graduating with no debt? Well unfortunately there is no ‘secret’ to going to university debt free. That being said, it is possible but it takes effort, commitment, and self-control.
At the moment, I am paying for my tuition and other school costs with no loans, financing, or any other interest money traps. I rely strictly on the money I saved up from my job and the grants I was fortunate enough to obtain. So what is my reason for going to school debt free? It mainly stems from my religion. In Islam, it is prohibited to earn money and borrow money with interest. I also was not to fond of the idea that after I graduate I will still be chained to these endless payments.
Perhaps the most important step to debt free university is preparation from high school. You should allot an amount of time every week that goes into researching and applying to scholarships. Why would you worry about paying a massive tuition if you could just lower the tuition itself? There are scholarships for everything imaginable so take advantage of that and find one that fits you. It doesn't hurt to apply and hey it’s free money. The second preparation that takes place before going to college is deciding which college you should attend. Unless you are fortunate enough to not worry about paying your own tuition, cost of attendance should be a major factor in your college decisions. Yes your dream college might have a better campus but do you really want to spend two decades of your life making payments for a four or five year experience?
The second key to being loan free is to cut out unnecessary expenses. Unfortunately this means less trips to your favorite food truck and more ramen noodles. Any purchase that isn’t absolutely necessary should be thought over prior to spending the money. Do you really need those new shoes or do you want to wear it for a month before they go out of style? I’m not saying you can’t have fun and do the things you love during college (by all means take advantage of these years with new experiences) but I am saying that you should evaluate what is important and what isn’t. I highly recommend making a budget how you spend your money. I am currently experimenting with different budgets to see which one works best for me. I will most likely make a blog post discussing my results. By cutting out some of the unnecessary expenses, you would be surprised with the amount of money you saved.
Lastly, I would recommend getting a job during your time at university. Most colleges have a web page dedicated to finding and posting jobs available on campus. I was fortunate to find a job close enough to my home that I can walk to. In addition to paying your tuition, having a job provides other values. Jobs allow you to refine your time and money management skills, which are important skills to improve. However, you have to be careful balancing school and work. I strongly suggest finding out the dates of exams and important projects at the beginning of the semester and tweaking your work schedule accordingly. If you are a student who is concerned about managing grades and work, perhaps taking off during the semester and getting a job over the summer is a good alternative.
As I conclude this blog, I want to issue a warning. Do not be too invested in your financial decisions now. Do not let them dictate all of your decisions. As a youth still discovering your future self, it is important to give yourself the opportunities to learn from new experiences. Do not deprive yourself from these as these will be the building blocks of your future character. The steps taken now, whether financial or new experiences, will take you miles in the future.
“The future belongs to those who prepare for it today” — Malcolm X
