Tips for Paying for Your College without Taking on Debt

College fees are undoubtedly very high, and they have been rising for a couple of years. Tuition fees and admission costs eat up your budget.

Most of the students borrow money from a credit union, and those who cannot meet the eligibility criteria apply for loans like Provident in Ireland. Whether you apply for government-backed student loans or borrow money from a private lender, you are to pay off the debt.

You cannot escape it as it is your obligation. Although it is convenient to borrow money to finance your education, many of you find it hard to pay it off. The inability to settle your dues can affect your credit score, and if you have taken it out with an online lender, you will likely get a CCJ that may show up on your credit report for six years.

Even if you take out government-backed loans, you will be responsible for making payments if you earn beyond the minimum wage rate. Of course, student loan repayments will put an additional burden on your debt.

How can you pay for college without borrowing money?

Here are the tips to follow to be eligible to pay your college fees.

1. Delay college and save in the meantime

The best way is to delay your college for some time and in the meantime you should save money. Do a full-time job so you can earn more money than you do with a part-time job. These years will let you be clear about your career paths.

You will be better able to decide which course you should pursue. A detailed plan will help save money in the long run. Careful consideration about what you want to do and become in your life will help you save a lot of money. Though student loans are readily available, you do not need to be utterly reliant on them.

2. Look for scholarships

Savings can help cover most of the expenses, but they may not be sufficient all the time. Thus, watch out for scholarships as well. Most of the people do not apply for them as it is hard to find them. You will have to be eligible for the scholarship, but you can know when you find it.

Consult a guidance counsellor. They will let you know about well-known scholarships. Visit a college you are interested in if they have any scholarship programmes. Ask them for all details or visit their website to get information about eligibility criteria and application procedure.

The government also conducts scholarship programmes. Try to stay updated by checking for it online. Look for volunteer organisations as well. Many of them offer scholarship programmes. Check if you can find the one that you are eligible for. Do online research to find scholarship sites. It will be a great help for you to find the one that fits you.

3. Start saving immediately

You know that you would need money for your college. You will actually need money for your tuition, books etc. Even if you have support from your parents, it may not be enough. Therefore, you should try to start stashing away money in your school time.

Do a part-time job and put that money by. You can get many jobs as a freelancer in the comfort of your home. If you do not have the skills to get a job as a freelancer, walking a dog, babysitting, pet sitting, and lawn making are some of the best part-time jobs you can get.

You can use your earnings to save money for your college fees. However, it may not be enough, but it will chip away at your tuition expenses. To cover the rest of your costs, you can take out urgent loans in Ireland.

Note that these loans will cover only smaller expenses. They come in handy when your savings fall short of cash. You will be responsible for making payments as soon as you borrow money. Most of the lenders require a lump sum payment.

However, some of them require weekly instalments. Do proper research before you take out these loans. Interest rates may vary, so it is vital to do proper research.

4. Pursue college in your home town

Many of you have a dream of pursuing your higher studies abroad. You want to get an education from the top class universities in your country. However, if you want to save money, you should study in-state. This will help save thousands of Euros.

Abroad studies are more costly than in-state studies. You may think that you can earn good money over there because of a higher pay scale, but your expenses will also be high. It will likely be much more, probably three times more than your in-state living cost.

If you fund it with a student loan, the cost will likely be double. This is because the loan value will be higher due to expensive tuition fees and admission upfront fees. Other expenses like travelling between both states will add up to your living cost. You will have to consider which is more affordable carefully.

5. Stay with your parents

If you decide to pursue your studies in your hometown, you will likely prefer a college nearer to your house. It means you can stay at your home until you complete a degree programme. You can avoid your accommodation charges by staying at home. Further, you can also save money on groceries and utilities.

The bottom line

You can pay for your college without taking on debt if you start saving right now. If you cannot save money now, you should delay your studies for some years and, in the meantime, grab work to salt away money.

Look for scholarships as they can chip away at tuition fees and admission upfront fees. Instead of going to another state, you should prefer doing studies in-state. This can save thousands of Euros. Instead of moving out, stay at your parents’ home. This will save travelling expenses, rent, grocery and utility bills. It will be even more convenient.