These days, you can’t work your way up the company ladder. If you start in the mailroom, you’re probably going to stay there. While companies like to hire and promote from within, they still want the person most qualified for the position. One of the qualifications is often a four-year degree. If you want to apply for a position that can cover the costs of living, college is pretty much mandatory. But can you afford it?
Attend Part-Time
You want to get your degree as quickly as possible to move onto shiny and new opportunities, but student loans start collecting interest as soon as you take them on. When you attend school part-time and work, you can pay off interest before it turns into a mountain, and you can pay for some of the costs out of pocket rather than with student loans. Furthermore, you can also use a debt repayment calculator to determine how long it will take you to pay off your student loan in full.
While you don’t have a degree yet, employers might be willing to give you a chance at relevant positions if you have a couple of semesters under your belt, history with the company or definite, long-term plans to stay in the area.
Stay Home
Where you get your degree isn’t as important as the competency you display in your field. Stay local if you can, and don’t turn your nose up at state schools. If you have parents or relatives that you can stay with while you get your degree, this can save you several thousands of dollars per year on housing and food.
The only drawback is that some majors sometimes require the use of specific equipment such as laptops and software for homework. Many schools will provide computer labs with the necessary programs installed, but if you live off-campus accessing them can be a real hassle. Student loans may not cover the cost of these supplies, so it may be time to create a MaxLend login to apply for a personal loan.
Lenders on personal loans give the money directly to you, allowing you to purchase what you need from outside sources. They can’t be used at all for tuition costs, but this may still make life easier.
MaxLend warns that taking out a personal loan while in school should only be done under the right circumstances, as they can be high-interest and need to be paid back ASAP. It’s best to pursue this path only if you are sure you can make the payments.
Don’t Forget Your FAFSA
FAFSA stands for Free Application for Federal Student Aid. This is how you unlock eligibility for scholarships, grants and other financial support. It’s not a one-time deal, you have to fill it out every year, but it’s quick and painless.
A requirement is a high school diploma or GED. Another is proof of U.S. citizenship including a social security number, but immigration documents like visas, green cards and i-94s can help you qualify. Other qualifying factors are your grades, the school where you are enrolled and the program itself.
A college degree is an investment in your future, but so is tackling the debt that comes along with it. Start as soon as you can so you can relax sooner.