By Caitlin Richards
Some students at William Peace University are already struggling with student debt, while other students aren’t as worried. There are also students who put off going to a university because of how much student debt they will have.
Typically, college isn’t cheap, and at Peace it’s getting more expensive. The total tuition cost will be $28,500 for the 2017/2018 academic year, according to an email to students from President Brian Ralph.
The increase will help fund more full-time faculty members, renovations, continuing to include the rental of books in tuition, and developing the Pacer Performance Center. With that being said, Peace is usually flexible about giving scholarships, grants, and financial help.
Some students at Peace are working their way through college to pay for their tuition, bills and debt outside of school, but even though students are great at making good grades and having a job, everyone knows how hard it can be.
Freshman Juliann Heaney is one of the students at Peace that has student debt, but she plans to wait until after she graduates to focus on paying it off.
“As of right now, I’m really trying to focus on my grades and doing well in school,” said Heaney.
With student loan debt growing to almost $1.2 trillion, according to the Consumer Financial Protection Bureau, there is no better time to cut your own student debt than while you are still in school, before you’ve taken the loans.
Depending on the student’s financial situation, there are ways to manage student debt and graduate completely or almost debt free, according to the bureau. Planning ahead and focusing on the future is a way in which student debt can be lowered.
Here are some tips for dealing with student debt from Student Debt Relief, studentloan.com, and moneycrasher.com:
- Aside from college savings accounts that are set up before going to college, a savings account that is used while attending college is helpful. Having even small amounts of money moved automatically into a savings account is effective because it’s forced, allowing students to put aside money to grow that otherwise would be spent on other things such as clothes or dining out.
- Try to get as many scholarships as you can because every little bit helps. The difference between loans and scholarships is that you won’t have to pay those scholarships back. So the more scholarships are given, the less money will be dished out to student loans.
- Get an internship. Some internships are unpaid, but there are also those that do pay. Students will be able to earn money and receive important experience along the way. Find an internship that is local and offers paid positions for students.
- Take as little loan money as possible. The more money students borrow, the more debt they end up with after graduation. The goal is to graduate with little to no debt.
- There are many options that are convenient for students when it comes to student financial planning. It’s worth taking the time in deciding on strategies that work best for each student’s financial situation.