Affording College Without Debt
& without lottery winnings or generational wealth
The debate surrounding the value of higher education in the United States remains ongoing. With the student debt crisis and public state tuition soaring to unsustainable heights, it’s little wonder why this topic is top-of-mind for borrowers facing college decisions.
Too Much, Too Soon
Society expects young people to make life-altering borrowing decisions before, through no fault of their own, they understand the implications of long-term borrowing.
A lot needs to change. Until it does, students can mitigate the financial burden of higher education. It’s possible without shackling yourself to decades of debt and without being the beneficiary of generational wealth — I’m proof.
Nontraditional Paths Have Value
I didn’t attend college immediately after high school. Despite strong academic performance, I lacked the resources and safety nets of many of my college-bound peers and ultimately decided to do things differently.
Instead, I built a technology career. Several promotions and a decade of experience later, I entered undergrad for the first time in my late twenties as a first-generation, nontraditional student to advance my career. I was paid below market for my profession and contributions, and advancement opportunities had dried up where I was. I lacked extensive savings to bankroll school, and like many Americans then and now, I earned too much to qualify for non-loan aid.
Despite this, I finished undergrad in only four years and then completed an accelerated MBA. The best part? I accumulated zero debt in the process. I took no loans, had no family contributions, didn’t win the lottery, and wasn’t earning my market value when I started. I didn’t have access to any unique resources or networks that wouldn’t be available to any average American.
You can tackle school with low or no debt, too. Here’s how I did it, plus a couple of additional options I would consider today.
Don’t Sleep on Community College
You’ve heard people advocate for community college. While there are pros and cons to these two-year schools compared to a four-year campus experience, it is considerably less expensive.
According to the National Center for Education Statistics, the median tuition and fees for first-time students at a two-year college in the US in the ‘’21-’22 academic year was about $4,000. On the other hand, median tuition and fees for first-time students at a four-year school in the same period were $9,700. Starting at a four-year school means you’re paying over twice as much to cover prerequisite lower-division courses.
The cost difference could exhaust your funds or keep you in debt longer than someone attending a community college to start undergrad.
There are other, less expensive ways to cultivate independence and responsibility in early adulthood. Only you can tell if the cost differential is worth it.
Exclusive Scholarship Opportunities
Starting in a community college can open the door to lucrative transfer scholarship opportunities for high-performing, high-potential two-year college students. I was able to benefit from this, which I discuss later, and that’s another reason not to overlook community college!
E-Books Whenever Possible
I prefer physical books for leisure, but e-books are more convenient for college. Better yet, electronic textbooks are often more affordable than physical copies.
Because e-books are digital, you don’t need to store, carry, or resell them later. Accessing your course materials anytime, anywhere, without breaking the bank is a relief.
Some e-book platforms offer semester-long rentals for a fraction of the purchase price. This significantly reduces the cost of materials students need to do their work.
Some platforms, like Cengage, offer semester-long subscriptions — a flat fee grants access to as many textbooks as you want or need. The multi-year option is even more economical in the long term, so I did that. I only discovered this when I wrote this, but Cengage also offers an Ambassador Program, which can cover your subscription and even earn you money; I would have considered it as a student.
Keep Working
Continuing to work was vital for me. Although I didn’t have much saved, the decision to keep working professionally full-time while in school allowed me to cover my living expenses, tuition, fees, and books out of pocket when needed.
But there’s another, bigger reason:
Tuition Reimbursement & Education Benefits
Many employers offer tuition reimbursement programs for employees. Most often, these are corporate employers.
There are annual reimbursement limits — they might be dollar amounts, credit-hour limits, or both. Before being reimbursed, you’ll submit your receipts and transcripts to your employer for validation.
Before committing to a reimbursement program, understand its terms. Some require that you keep working there for some duration post-reimbursement.
Though tuition reimbursement programs are common, some employers have partnerships with universities, like Starbucks’ partnership with Arizona State University, which grants employees 100% tuition coverage.
Your Human Resources department can provide more information on the available resources and policies.
Accelerating Saves You Time & Money
Speed-running isn’t just for video games.
The point isn’t to race through without learning, but if you already know the material, why spend more time and money on it?
Test Out
Some high school students have access to Advanced Placement (AP) courses. These are advanced courses designed by The College Board, which also administers the SAT. At the end of the course, students pay to take an exam. Strong scores fulfill pre-requisite courses, meaning you don’t spend time or money on them.
However, AP courses aren’t available everywhere and are irrelevant for nontraditional students. The College Board also has a lesser-known alternative: College-Level Examination Program (CLEP) Exams.
CLEP Exams are similar. There’s no course, so you need existing knowledge or self-study. Instead, you pay to take the exam at a testing center. Like AP exams, strong scores fulfill pre-requisite courses. CLEP Exams were ideal for me because I knew the content.
I earned credit for an entire semester-long college course in an afternoon for under $100. Even compared to the median community college tuition rate of $423 plus fees per course, this is a massive time and money savings. I completed six courses — almost a semester and a half! — this way.
Sophia or StraighterLine
If CLEP exams aren’t ideal because you need to learn some of the material, there are other great alternatives! I didn’t use either of these options, but they are reputable platforms that deliver quality education.
Sophia.org offers over sixty transferable courses. Its $99 monthly subscription enables you to take as many classes as you like at your own pace. StraighterLine is a similar platform that charges a varying price per course.
That’s far less than a traditional program would cost, even at a community college!
Credit via Portfolio
Some schools allow students to demonstrate proficiency in required courses. Portfolio credit involves gathering evidence of your knowledge and skills, such as work samples, certifications, and essays, and presenting them to demonstrate mastery of the course’s learning outcomes.
I completed two courses this way. There was a fee per credit hour to issue the credit, but $100 per credit ($300–400 total per class) beat $1125–1500 per university course (from a state university) plus books plus my time.
Consider Non-traditional Educational Models
US colleges and universities mostly follow a traditional brick-and-mortar calendar, even for fully online programs. Classes occur during the fall and spring semesters, with some accelerated summer or winter sessions.
However, Western Governor’s University semesters start each month and last six months. For example, a six-month term begins on November 1 and ends on April 30. Pricing is flat per semester.
Its self-paced model allows you to take as many classes as you can handle. If you have experience in your degree area and enough discipline, you can finish your degree in a fraction of the usual time — which saves you money. That’s why I chose WGU for my graduate degree.
That said, WGU’s model is not for everyone. It requires self-discipline and time management. Some people do better with traditional academic structures, which is perfectly okay.
Scholarships
If you’ve talked about or researched affording college, scholarships have likely come up. In a nutshell, there are two categories:
- Merit scholarships based on something you’re good at or belong to
- Need-based scholarships focused on helping those with fewer financial resources.
In either, competition is immense. Public, national scholarships have countless applicants. Look into local or regional opportunities with less competition.
Maintaining strong academic performance and writing compelling application essays earned me four merit scholarships totaling about $20,000 between my undergraduate and graduate degrees, including full transfer tuition to finish undergrad.
Conclusion
Resourcefulness goes a long way. My strategies enabled me to complete a STEM bachelor’s degree and an MBA without debt.
In contrast, many of my millennial cohort who followed the traditional path struggle with student debt.
Saving up to pay for college is not a universal privilege. If you need a loan, that’s okay — consider the total cost, including how interest will impact you, before committing to one. Take the time to understand what a 5-, 10-, or 20-year payoff would look like.
If you need loans, these methods can minimize the impact. If you can cut a semester or two with CLEP and Sophia, that’s thousands of dollars of cost avoidance! Then, your tuition reimbursement can cover the next semester, keeping your loan small. In the end, the final reimbursement can go towards the loan!
If you have a dream school, these strategies are not compromises. You could still transfer to your dream school and establish a robust network there. Your diploma will be no different, but your financial picture will be.
