How to Graduate Debt Free Part 1: Getting the Money

If you are in School, have kids that are, or are looking to go back to school, here are some ideas to help you cut some serious money off your school bill. Some ideas may conflict, or are situation dependent, but I am sure there is something here that will work for every one.



1. Don't Go! I know this is supposed to be about graduating without debt, but the best way to not have debt, is to not go in the first place. Not all jobs require a diploma, check out whether this is an investment that is worth its return.



2. Choose Major Wisely This reason is two fold. 1. make sure you have chosen a major that will end up in a usable degree, and 2. many scholarships are awarded based on your choice of major.



3. Get Good Grades. Scholarships are handed out to students with high GPAs, it also opens up your options for which schools you can get into. Many people don't know that you can negotiate tuition at many schools, but this is only possible if you have the grades to back up your position. There are in house scholarships that financial counselors are allowed to award if you can prove that you are a worthwhile student. This is also true if you end up having to take out a loan. Lending agents are more willing to negotiate terms with a high GPA (read lower risk) student.

4. Be involved. See get good grades. These reasons all apply here, too. So even if you were not blessed with the brains, colleges are still looking for students that will have a positive effect on their campus, and exhibit leadership skills. This goes for banks, too. Prove that you have potential and your position is much improved.

5. Go for the Scholarships. Every one says this, but not everyone does it. Thousands of scholarships go unclaimed every year, equalling millions of dollars. Some of the scholarships out there are very specific in their requirements, so who knows even though many apply, you may be the only one who qualifies. Look into qualifications early. There may be some easy things that you can do, or join to make yourself more attractive to committees.




6. Consider Corporate Sponsors Many big name stores have a certain amount of money set aside for helping the community, supporting schools, or scholarships. Sometimes you have to be an employee, but often you just have to submit an application.




7. Send Out those Graduation Announcements People love to give money for a graduation presents. So spread the word to every long lost relative you can find. Now just don't go spending that money on a last chance backpacking trip and Europe, and you are one step closer to graduating debt free.



8. Add it to your Christmas List This doesn't work for everyone, but if you tell family and friends that you have a goal of graduating debt free, they might be more inclined to give you money, instead of that desk calendar that they had their eye on.



9. Choose your College Carefully Many people want the Ivy League education but few people need it. Consider your career goals, and decide how prestigious of a school you REALLY need.



10. Apply for Financial Aid Early. Financial aid comes in many forms and from many sources. Sometimes it is free money, money with a lower interest rate, or deferred payments. Apply for everything that you qualify for. You don't have to take it, but it's good to see your options. Even if you have the cash, it may be wise to use a small loan that you take out your freshman year that has deferred interest instead. Put your cash into an interest earning account, and use it after you graduate to pay off that loan when it becomes due.

Stay tuned for more next time on choosing the right college, and ways to make college cheaper.

How have you sourced your college education?