How I Penny-Pinched My Way To College Graduation Day

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This isn’t the first time I talked about college and student loan debt on the blog. And there’s a reason for that. A lot of my readers are young adults that are either attending college or have graduated from college with a pile of debt in tow. If you fit into one of those two categories, this post is for you. I’m going to lay it all out about how I graduated college with minimal debt compared to the staggering debt load that is burdening today’s graduates. So, if you’re trying to get through school without accumulating debt or you’re trying to figure out a way to dig yourself out of a financial hole, keep reading.

Chasing A College Education At Any Cost

Growing up with two parents that didn’t have high school diplomas, let alone college degrees, opened my eyes to the difference a college education can make in your life. Even though I grew up “poor”, I was privileged to attend an outstanding public school. The school district I attended was known for being where the “rich” kids went to school.

At the time, going to school with rich kids who had educated parents intimidated me. In fact, I was so intimidated that I rarely made new friends after elementary school because I was too embarrassed by where I lived. Because making new friends meant inevitably telling them where I lived. So I avoided it.

Aside from getting a good education, I also took another thing with me from my experiences at the rich school. I walked away from high school with respect and admiration for the other kids that were headed to college, and their parents and the teachers who had already been there.

Eventually, I realized that even I could go to college if I could figure out a way to pay for it. Because I have always been coachable, I listened to an older colleague when I was working a factory job after high school. That older colleague told me I was silly to think I couldn’t go to college because I didn’t have any money. He encouraged me to check out the local community college – so that’s what I did.

Embracing Community College

Before that conversation, I never even heard of a community college. Remember, my parents hadn’t even graduated high school. Talking about colleges and careers wasn’t something we typically did around the dinner table. Instead, I heard how sorry they were that they couldn’t afford to send me to college. I think it’s safe to say they didn’t know what a community college was either.

Long story short, I attended the community college in the evenings for the next 4 years while I continued to work at the factory to pay for my car, insurance, gas, mobile phone, and tuition. I basically worked full-time to just cover the cost of those expenses. I also lived at home, ate at home, and commuted to school.

When I graduated from the community college with my Associate’s Degree, I had a decision to make. I had always been enamored with a local, private college that had a great reputation. After all, this was a school some of my smart, rich classmates had attended after high school. The thought of me being able to attend the same school had me super excited.

Giving Up My Dream School

I found the courage to apply – and I was accepted! But the day I went to talk to the financial advisor was a day I’ll never forget. I was right around 21 years old when I went to that meeting to discuss transferring to my dream school. Yes, this was my dream school. It was the only college presence I had in my life as a child. And it was a good one. It was basically a continuation of the high school I had attended. It had the same demographics, just with a private price tag.

Unfortunately, the financial advisor informed me that if I wanted to attend I would either have to pay out of pocket (that wasn’t happening) or take out loans for the full amount because I wouldn’t qualify for any financial aid as a transfer student. So, despite having a near-perfect GPA from the community college, my dream school just didn’t give any financial help to transfer students. Period.

I decided it wasn’t worth going into debt to the tune of more than $50k for 2 years of college. With a heavy heart, I walked away from my dream school and attended another school in the next town. Fortunately, this school did offer aid to transfer students.

When it was all said and done, I completed my Bachelor’s Degree with $25k in college debt. A far cry from some of the balances you read about in the headlines today. And that is how I penny-pinched my way to college graduation day.

Think Before You Sink

The point of sharing my story with you is to give you a glimpse into a few options for getting a college education without selling your soul to the institution.

Let’s recap what you can do to avoid massive student loan debt:

• Work your way through school
• Take classes on a part-time basis
• Test out of some classes (See CLEP)
• Go to an inexpensive school
• Live at home or with roommates
• Start out at a community college for ultimate savings
• Apply for scholarships
• Check to see if you qualify for financial aid
• Avoid going to your Dream School at any cost
• Take advantage of education benefits from your employer (I got a FREE MS degree this way!)
• If you need to take out loans, take as few as possible and get the best rate possible
  • LendEDU is a great place to start!

The bottom line is this, regardless of your age, you need to make smart financial decisions. Because when you’re in your 40s and still paying your students loans you’ll want to kick yourself for going to that expensive school for all the wrong reasons.

You’re Drowning, Now What?

Those tips are great and all, but what if you already made the mistake of taking on massive college debt and are in the throes of trying to get it paid back? Don’t worry, you have options.

I wish I had made paying back my student loans more of a priority after graduation. It took me 15 years to pay back $25k in loans. I am proud of what I accomplished with my education, but I am certainly not proud that it took me over a decade to eliminate such a paltry amount of debt.

When I graduated, I had both government and private loans. And some of those loans had interest rates hovering around 7%. Yikes. I went ahead and refinanced, but I certainly didn’t take the time to shop around for the best deal. I just went with the first company that mailed me something. Don’t do what I did.

Other articles you might enjoy:

• You’re Not A Bad Parent If You Can’t Afford To Save For College
• I Lived In A Trailer To Pay For College: Oh, The Horror
• How We Avoided Massive College Debt
• How To Afford A College Education: Don’t Be An Idiot
• Crush Your Student Loan Debt With This Simple Tool
• How To Dig Your Way Out Of Debt When You Feel Hopeless

You Have Options To Eliminate Your College Debt

Today, there are awesome tools for graduates with debt trying to refinance. LendEDU is one of the top marketplaces for student loan refinancing and I highly recommend you check with them as a first step to digging your way out of debt.

So whether you’re trying to get your education as inexpensively as possible, or you’re trying to dig your way out of a student loan mess, you have tried and true options.

Take advantage of your options to ensure a secure financial future. So when you’re 40, you can enjoy life on a Caribbean beach. Okay, that might be a bit dramatic but you get the idea. Trust me, your future self will thank you!