Skyrocketing college tuition rates have plunged college students into deep financial holes. If car prices had increased as much as college tuition, the average new car in 2015 would cost more than $80,000. College students and their parents have resorted to debt financing college costs that include tuition, books, computers, and housing. According to the Department of Education, the typical borrower accumulates more than $28,000 in debt. The ramifications of the tremendous college debt burden include living at home after college, putting off expenses such as buying an automobile, and filing for bankruptcy.
Fortunately, college students have 8 ways to graduate college debt free.
1) Select an Affordable College
You might have the academic acumen to enroll at Yale or Harvard. However, do you have the financial resources to cover the expensive tuition and high cost of living? Despite the overall escalation of college costs exceeding the rate of inflation by a wide margin, some schools have experienced less of a rise in tuition and book costs. Moreover, staying in state and enrolling at a public university saves you thousands of dollars in tuition costs. Unless you receive some type of financial incentive to attend out of state or private colleges, you should spend what you can afford at the primary state college or university. State schools also charge less for room and board.