Tips to Stay Out of Debt
By Tanner Gonder
We all know that college can get extremely expensive — most students are in debt after their first semester at school. This results in heavy debt by the time a student graduates. In this article, I’m going to share some of my tips on how I have stayed completely debt free while attending college. These, tips if used correctly, could help you stay debt free too!
1. Find a summer job that will pay for your college expenses.
Summer is the best time to earn a living for yourself and pay for the expensive school year to come. Most people travel home to be with family over the summer, which is a great idea because you won’t have to pay rent or food expenses during your stay. Staying at home for the summer oftentimes correlates into working an old high school job or working for your parents. Most of the time, this scenario doesn’t generate the income that you need to be successful (unless your parents are paying you thousands of dollars through working for them). I recommend jobs such as working for the forest service, summer sales, internships, or even a managerial role in a family business. These jobs allow you to become more financially free and can provide you with a helpful learning experience.
2. Work during the semester (if needed).
Sometimes — even after working extremely hard in the summer — you might need a little bit of extra money to survive the semester. If so, look to find a job that is flexible enough to accommodate your school or sports schedule. There are plenty of businesses looking to hire students for whatever hours are possible (including jobs at the University). These jobs are great and provide a chance to buy groceries or have extra spending money for different bills that come up. Another great way to make money is finding a job that allows you to study and complete homework while on the clock. These jobs are usually harder to find and they may not align perfectly with your schedule, but they will give you a chance to stay ahead in your school work and make money at the same time.
3. Apply for FAFSA and scholarships.
Everyone always hears the same things when it comes to applying for aid, but what people don’t know is how easy it is to complete your FAFSA and receive aid for school. FAFSA is something that has to be applied for every year, as it allows the school to offer students a variety of different scholarships and aid. If your marital status changes, reapply for FAFSA. There is a huge chance that the government will grant you a higher grant than you had before and help pay for more of your tuition. If you recently have become independent on your taxes, the government will also help cover more of your school than they did before. Make sure you’re consistently reapplying for FAFSA each year.
As mentioned previously, Southern Virginia gives out numerous academic scholarships that are tailored to push students towards success. Scholarships are offered to both new and returning students. After your first year of school, if you maintain a good college GPA, you can reapply for academic scholarships with a higher chance of getting approved (even if you weren’t approved before).
4. If housing and food isn’t included with FAFSA, try living off campus with a group of friends.
The best way to save money after your first year of college is living off campus. For those that have awesome scholarships or helpful grants from the government, this tip is irrelevant. But for those that pay for their own housing, living just off campus can be huge for saving money. Find some friends who are in the same boat as you and try splitting the rent of a small house. Not only will it help you save money, but it will also help you understand the ins and outs of owning your own house. On average, you will save yourself a couple hundred bucks on food and rent for the month, depending on the deal that you find.
5. Look for cheap, healthy foods when shopping for meals.
Remember, you can’t eat out every night if you’re living on your own; you need to buy cheap food that will still give you the nutrition that you need. Top Ramen, as good as it is, won’t cut it long term. Try buying different varieties of pasta and sauces. I often will make a whole bunch of food and save it for leftovers later on in the week. Many of the friends that I have lived with often meal prep to save them money and time later on in the week. Find a rhythm that works for you and make sure that you are still getting the nutrition that you need. Click here to view some recipes that my colleague recommends. He’s got a ton of awesome recipes that won’t break your bank when you make them.
