Do you want to go to college, but are afraid of going into debt? That’s a smart thought. Especially in the United States, college can be extremely expensive. When the going gets tough, it’s easy to reach for federal student loans, outside loans, and credit cards This article can help you keep a tight wrap on excessive college expenditures. The following are some tips to help you along the way.

The first thing to consider when choosing a college is their tuition and fees. This is where most of your student account bill will come from. Your typical university will not offer free tuition, but did you know that there are a handful of colleges across the United States that will waive your entire tuition and you are not obligated to pay any of it back? A quick Google search will yield results that are hopefully in your vicinity. You may need to move further away from home than you want to, and the admissions process may be more competitive, but the money you will give will be worth it. This doesn’t mean that college is going to be totally free, however.

The High Cost of Higher Education

It is no secret that the cost of higher education has risen sharply in recent years. It is also common knowledge that the vast majority of college graduates emerge from school with tens of thousands of dollars in college loan debt, or that young people are putting off things like buying houses, getting married and starting families.

This delayed adulthood has created all manner of societal problems, from slower growth In the economy to higher levels of depression and anxiety among those newly-minted college graduates. Experts disagree on the best way to deal with the problem, and chances are there is no one right solution to this modern dilemma.

In the meantime, there are things young people and their parents can do to save money on college and reduce their own educational bills. Some of these strategies have been around for a longtime, while others are relatively new. They may not solve the high cost of higher education, but they can help you trim the cost of college for yourself or someone you love.

Get College Credit in High School

This is a relatively new development, but a potentially powerful one. More and more high schools are offering their students the chance to earn college credits early, giving those students a head start on higher education and reducing the cost of their future educational goals.

Many people think that these programs are just for gifted students, but in many cases that is not the case. If you have a child in high school, you owe it to yourself to check out these programs You Just might find that your high school senior could earn some serious college credits in their spare time, all at no cost to you.

Take Advantage of Tuition Reimbursement Programs

Working your way through college has long been a way to trim the cost of higher education, but tuition reimbursement programs take that concept to a whole other level. If you have a job, you may be eligible for tuition reimbursement, cutting the cost of your college classes significantly, or even refunding you the entire cost of your classes. You do not have to work a white collar job to qualify for generous tuition reimbursement programs. Even QSR restaurants offers such a program, giving their associates a way to earn college credit and get a jump start on their futures.

The sheer size of the problem Is nothing short of staggering. A recent study found that the average college graduate leaves school with a debt load of more than र 24,00,000, and the aggregate data is even more daunting. Taken together, the student loan burden now exceeds $1.4 trillion, a figure that does not bode well for the future of the country and the young workers who will inherit it.

The burden of student loan debt has many families rethinking the whole idea of college, and many young people wondering if there Is a better way to a higher education. The good news Is that there could be another, and much smarter, road to college. Tuition reimbursement programs have been around for many decades, yet this fringe benefit remains underappreciated and underutilized. That is a shame, since this fringe benefit could be worth tens of thousands of dollars to an enterprising young employee.

Businesses have a vested interest In an educated workforce, and they are Wiling to put their money where their needs are. Tuition reimbursement programs are obviously good for workers, but they can be just as valuable to the companies that sponsor them.

Graduating from college is a great achievement. However, far too many graduates leave the school system and enter into the workforce with the burden of outstanding student debt hanging over their heads. Statistics indicates that a whopping $1.44 trillion is owed in outstanding US student loan debt spread across around 44.2 million Americans. It’s estimated that around 68 % of college graduates had outstanding student loans.

In fact, the average student loan debt among Class of 2016 graduates is $37,172, an increase of 6 percent from the previous year. Based on those figures, graduates could be paying around $350 a month in debt repayments over the next 10 years. The vast majority of tips circulating about repaying student debt quickly focus only on making extra repayments to cut down outstanding balances faster. However, if you’re already on a tight budget it’s not always possible to make additional payments.

Fortunately, there are some easy ways you can speed up your debt repayment plans without spending too much of your hard earned extra cash to see results. The key is to understand how to use the bank’s products and policies to your advantage.

Change Payment Frequency

The key to speeding up your debt repayment plans is to take a bit of time to understand how banks, financial institutions and other lenders charge Interest on the money you owe. If you’re able to reduce the amount of interest your lender Is able to charge you, then each repayment you make should have more money applied to repaying your debt balance Instead of paying interest charges if you look at your loan statement, you’ll see that an Interest charge is applied to the account once a month. What you may not realize is that your lender charges interest on your outstanding debt balance at the end of each day. At the end of the month the lender adds tip those daily Interest charges and shows them as a total sunk, which Is shown clearly on your statement.

Once you understand how your interest is calculated, you have an opportunity to use the lender’s policy to your own advantage. The numbers used in the example below are based on the national average debt amount of $37,172 at an interest rate of 54% over a 12-year loan term.

Federal student loan debt is at an all-time high. Consequences for not paying on student loans may cause both you and your family more money, time, and frustration in the future If they are not dealt with in the present. Therefore, it is essential that students take the initiative to try to get their loans back on track.

Student loan debt accrues interest on a daily bat. Once your loans are assigned to a third-party collection agency, fees will be added to your account. If this is not addressed and Involuntary measures are taken, you will be responsible for paying back these costs until the payments are current By leaving your student loans in default and not working toward a resolution, you are only creating a debt for yourself.

The expenses tied to defaulting on your loans don’t end with collection fees. Repercussions for not paying on your student loans include wage garnishment, tar offsets, eligibility offsets social security offsets, and potential litigation. Contrary to popular belief, court orders are not needed for any of these recovery measures. Collection calls to your place of employment, or to family and friends can lead to embarrassment, frustration, and anger.

Debt counselors are here to help you bring your loan back Into good standing based on your financial situation. The goal Is for consumers to deal with their debt, and get into a program that will not create a financial burden for anyone involved. Most importantly, it is imperative to confront your debt situation head on. Actively work with the debt counselor who reaches out to you. You may be pleasantly surprised at the result of your interaction, and the feeling of relief you have once the situation is resolved.