5 Things Every Student Can Do To Reduce Student Debt

Most students graduate from college with thousands of dollars in student debt. Taking a loan may be the only option for you to pay for your college tuition fee, however many people have a herd mentality when choosing financing options and end up making a wrong decision. There are strategies that you can implement before and after joining college to reduce your debt. Some of these strategies are outlined below.

1. Enroll in a Cheaper College

Every student wants to attend the most prestigious college in their locality, that is only normal. You may be tempted to enroll in an expensive college especially if all your friends are enrolling in that college. However, it is not financially feasible to join a school that you cannot pay for without taking out huge loans. Consider enrolling in a community college or a public school. Public institutions charge lower tuition fees because they receive funds from the government. If you are unsure about the quality of education in the community college in your area, enroll in it for a year or two and then transfer to another college.

5 Things Every Student Can Do To Reduce Student Debt

2. Limit Borrowing to Federal Loans

Private loans are more costly than federal loans. Consider the maximum amount you can get from a federal loan and then plan your expenses to fit that amount. You may need expert advice to map out your expenses for four years and determine how you will spend the federal loan. Estimating your expenses for four years instead of one year at a time helps you create a better financial plan. Limiting your borrowing to federal loans will also help you choose the right college.

3. Study Online

You can reduce the total cost of your college education by studying online. You can attain the same degree as other on-campus students while studying at home. Learning online enables you to cut off some expenses such as transport, food, and accommodation. Discuss this option with your parents first. You need to choose and enroll in an accredited institution when learning online. Register for an online doctor of education at Maryville University if want to graduate with a quality degree in the field of education.

4. Cut Down Your Expenses

One way of reducing your expenses is cutting off credit card payments. If you do not have a credit card, avoid applying for one even if you are qualified. Draw a budget every semester or month depending on your cash flow and discipline yourself to follow your budget. If your college is near home, consider eating at home instead of buying meals at the school cafeteria. You can also choose to stay at home instead of paying rent if it is financially feasible. Rent textbooks where possible instead of buying them.

5. Get a Part Time Job and Save

You can start working before you join college and save for your higher education leadership degree. Simple jobs like cleaning or waiting tables can help you raise money to cover your expenses. Once you join college, utilize your weekends and holidays effectively to raise money. Part time jobs will help you meet any expenses that the federal loan does not cover. Remember to prioritize your studies over your part time job. Allocate enough hours to your studies.


Students can break the trend of accumulating huge debts in college through simple strategies like reducing their expenses, studying online, and avoiding private loans. They need support and financial advice from their parents and professionals to control their expenses and choose the best loan option.