Cash for College
I sighed heavily and took another long sip of tea as I listened to the awful elevator music currently piping out of my cell phone. The tea was cold. Go figure. I set the mug down, swiveled around in the chair, and glanced at the clock on the wall. I’d been on hold for a little over a half hour. Ridiculous. But this is what it took to make extra payments on the principle of my student loans. Every month, I planned for this phone call and every month, my husband and I watched the amount I still owed drop a little bit lower.
We were determined to get my student loans as small as possible before starting a family, and although we did end up having children before they were paid off, our choices got us much closer to financial freedom than if we’d carried on as usual.
Ways to Save
Live off campus - This was one the greatest ways that I was able to save money while pursuing a degree in creative writing. Because the school I attended was in my hometown, I was able to continue living with my parents instead of adding a dorm fee to my expenses. If you can live at home with low rent or no rent, do it. If you go to a school outside your hometown, consider moving off campus after your first year or two. This will drastically cut down on your expenses. The downside is less involvement in the school community so you’ll have to decide which is more important to you: saving money or being in the hub of what’s happening.
Skip the meal plan - I also skipped the school kitchen and opted to pack my own food instead or pick up meals from nearby restaurants on occasion. Again, this meant that I often wasn’t sitting with fellow students and chatting it up over meals, but I was okay with that.
Work through college - If it’s possible, try to work at the same time that you are taking classes so you aren’t racking up debt without any active momentum toward paying down those bills or buying your books. While in college, I worked a series of jobs (i.e. hostess, barista, and receptionist). These jobs meant I was able to cover my normal expenses and taught me a strong work ethic early on. It’s possible that a full class load may leave you without any time to work, but if you can swing it, you should.
Consider sacrifices to pay off debt faster - After graduation, my husband and I took a hard look at the debt I’d accrued. Even with all of my attempts to keep it small, it felt like a lot. So we got serious. We both worked in buildings near each other, so we sold his more expensive car and transitioned to being a one car couple. That gave us several hundred more we could put toward paying off the school loans each month. Thanks to that discipline, we were able to purchase a brand new car without even taking out a car loan this year!
Challenges/Points:
College debt can add up quickly so it’s important to have ways to cut down the expenses.
If you can work your way through college, you should. Get a job on campus or find something with flexible hours that can work around your school schedule.
Living off campus can save money, as well as foregoing the university meal plan.
Questions:
Do you have any older siblings who are currently putting themselves through college? How are they covering their expenses or trying to keep costs down?
Were you raised to believe that living with debt is normal and inescapable or that with hard work it can be overcome?
Are there any sacrifices you can make at this point in your life that would help with reducing college debt?
To talk more about this or something else on your mind text the number 494949 to chat with our team or visit RemedyLIVE.com/chat anytime, day or night.
Did someone send you this post, and you want to subscribe to our free self care guide? Text CARE to 494949 to receive daily posts.
