As a student, living a debt-free life while in college is a dream come true. After all, statistics have shown that around 44.2 million Americans currently have student loans. This is no longer surprising, considering the fact that student loan debt ranks as the second highest consumer debt category, next only to mortgage debt.
The question is: is it possible to live a debt-free life while still in college? The answer is YES. But how? Here’s how:
Tip # 1: Pick the Right School
The first, and possibly the hardest, step is choosing the right school to attend to. Don’t just go attending any school just because you feel like it. Attend to a particular school because you want to avoid debts such as student loans whenever possible.
You can see a huge difference between a local and out-of-state college when it comes to costs. Also, you’ll realize that a community college is a budget-friendly means of getting yourself a four-year degree.
Tip #2: Apply for a scholarship
Scholarships are one great means of saving money while studying college, not to mention they allow you to live a debt-free student life. As much as possible, apply for any scholarship grant available in your area. The more applications you made, the higher your chance of being granted a scholarship.
Tip #3: Invest in Stocks
You might think investing early on is too much for a college student. However, the earlier you start investing, the better. Investing in stocks is a long-term investment. This means you can’t achieve great returns right away. Hence, if you invest earlier on, you’ll have some money to receive once the company you invested on has become profitable.
For example, you invested on Bunzl’s shares with Bunzl share price at only $100 per share. If the company becomes profitable within the next 4 years, that would mean you can have a significant amount of money by the time you graduate. Let’s say the Bunzl share price by that time reaches $1,000. That would mean a 1000% increase in your investment!
Tip #4: Look for Part-time Jobs
One of the means you can live a debt-free life while studying is to look for a part-time job. There are several types of part-time jobs you can apply for. One good example is a Residence Advisor at your particular college. As an RA, you are entitled to a free housing along with a college meal plan.
In most colleges, RAs live together with other students and can even create activities in their dorm, thereby creating a fun and welcoming atmosphere. However, working as an RA is not the only option. You can actually find tons of them out there. With a part-time job, you’re not only living debt-free, you’re also earning money as well.
Living a debt-free student life will require a bit of sacrifice, especially in terms of money. However, it’s not difficult as you think it is. You just need to know which among these will fit you best.
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