With the costs of traditional college continually rising, many college students are turning to student loans to help them achieve this important milestone. While these loans can definitely help you get your degree in the short-term, the long-term misery of debt (usually $20,000 or more) will not be quite as beneficial.
In today’s article, we will explore a few of the many reasons to avoid the college debt trap.
Although college might feel a bit early to do any financial planning, you will benefit for the rest of your life by taking a few simple steps during your college years. By making a small change in your financial direction now, you can reap a major benefit later in life.
Did you know that five CLEP tests can provide the equivalent of one year of college? Because the first two years of college are primarily a review of high school, many of the topics, particularly in the first year, are essentially the same for most degrees. By passing the five “main” CLEP tests, you can actually test out of your entire first year by simply brushing up on your high school learning!
Whether the health care reform bill will help US citizens remains to be seen. However, a higher education reform measure in the bill has gone largely unnoticed yet may spell disaster for college students.
How can you avoid college loan debt? Start by taking CLEP exams instead of intro courses. Then look for low-cost online college courses instead of expensive on-campus options. You don’t need to settle for an inflated college education.