College Planning

Say "Yes" to College Without Student Loan Debt

When it comes to college planning, there are a few things you can do to manage your bill on the front end. Read these tips to get started on the right foot.

5 Tips on How to Pay for College Without Loans

Looking for sources to pay for college without loans? We’ve put together five tips that can help you become savvy about how to pay for college without breaking the bank.

#1: Get a job.

If you can swing it, you might consider getting a part-time job while you attend school that will allow you to borrow a lot less in the long run. A good place to start is at your school. For example, think about doing some tutoring in the evenings or even working in the college library or IT desk. In addition, there are federal and statewide work study programs that could help you earn money to help pay for college, further reducing the amount you need to borrow.

#2: Only borrow what you need.

Getting awarded more money than you need can make it tempting to use those funds for extracurricular stuff. Be strong and try to resist, borrowing only what you need to pay for your tuition and necessities. Borrowing more than you need could end up costing you more in the long run.

#3: Get a scholarship.

Wondering how to pay for college without loans? Today, there are literally thousands of different scholarships available that are basically “free money” for students willing to seek them out and apply. If you’re not familiar, a scholarship is a sum of money that is awarded to students to help them pay for school. They’re different than loans in that you don’t need to pay them back. Moreover, they’re free. So, look into applying for scholarships before borrowing.

#4: Knock out your prerequisites at the community college.

Get your prerequisite classes out of the way and save yourself a ton of money. As an added bonus, SAT and ACT scores aren’t required to get into community college, making it easier to check these courses off of your list. By taking this route, you can save yourself a bundle by not having to borrow more money than you need.

#5: Choose federal loans.

How do student loans work? When it comes to student loans, it might be best to go with federal loans rather than private loans. Why? Because when you take out a federal loan, you’ll get a fixed interest rate that won’t fluctuate compared to private loans. In addition, federal loans may be able to offer you a variety of repayment options including forbearance and deferment (should you need it).

For more information on how to pay for college and college savings accounts, visit the Protective Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

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