How to Get an Education Without So Much Student Loan Debt

More debt doesn’t necessarily mean a better degree for you.

It’s no secret that student loan debt and the costs of college are increasing dramatically with every passing year. Student loan debt is also the fastest-increasing source of household debt, with auto loan debts following FAR behind. The student loan debt situation could reasonably be described as a crisis, as the $1.5 trillion figure is often cited as the biggest obstacle to home ownership.

Despite all of this, there are actually ways to minimize debt and receive an education. You’ve likely heard at least once that an associate’s degree is a better option than a bachelor’s degree these days. While that is certainly true in financial terms, there are actually several ways to land a steady job after incurring only minimal debt. If you are willing to get creative about it, then you can be more patient and work to the degree you are looking for more slowly. For example, if you want to land a profession that pays well and requires a degree, you can try following this strategy:

  1. Take an associate’s degree and work in the field that has your dream job for about two years. You should normally be 22 or 23 at this point; it’s much easier to land a more hands-on job with the right associate’s degree than landing any job fresh out of college with a bachelors degree.
  2. Save money during your time working.
  3. Over-perform in the workplace and gain valuable experience, then let your company help you get back to school to finish your bachelor’s degree.
  4. Get your bachelor’s degree with little or no debt, and with actual quality work experience under your belt.

This strategy of using “stackable skills” works well for many Americans, despite the constant bad news surrounding debt in America. You can cut the cost of college in half by starting at a community college, then transferring to a degree program. You might even be surprised how your path changes as you get more practical experience at a young age.

Written by  
5 years ago