How to Avoid Debt as a College Student

Step-by-Step Guide

1. 1

   Step 1: Open a bank account.

   Save $100-200 dollars per month from the age of 14 on.
   
   This adds up to $4,800-9,600 by the time you turn
   18.
   
   If you're already in college, choose a bank with ATMs on or near campus so you don't have to pay extra fees withdrawing money from another bank's ATMs.
2. 2

   Step 2: Keep track of account balances.

   Use mobile banking or an app to help to prevent costly overdraft fees. ,, Saving now (when you have 10 to 15 years of possible earnings on your investments) means you can have more to spend when you're in college. , Take both the ACT/SAT, and use the highest score to your college application.
   
   Higher GPAs and ACT/SAT scores are typically eligible for more scholarships then lower performing students. , One of the best ways to save money while paying for college is to find an inexpensive community college to begin your studies.
   
   You can transfer to another school (or schools) after the first two years when the general education part of your degree is completed.
   
   This can save you thousands of dollars in tuition each year.
   
   The average cost of a community college per year is $2,272 compared with $5,836 for a four-year college, according to the American Association of Community Colleges. , Remember, in-state schools are usually less expensive than out-of state; public schools are less expensive than private schools.
   
   Compare total cost (tuition and housing) to financial aid packages before choosing.
   
   Consider going to community college.
   
   Take general courses and transfer those credits to a 4-year institution, saving you money and reducing student loan debt.
   
   Consider taking summer classes at community college.
   
   Only do so if it cheaper to take the class at community college than it is to do so at your college.
   
   You may need a Letter of Good Standing from your college to do so.
   
   Also, make sure the summer course will transfer back to your main 4-year institution , Working while in school has been shown to help with grades, as long as the hours worked don't exceed about 20 per week.
   
   Think about what part time work you enjoy doing and learn the skills now to do it.
   
   Typing, word processing, office skills, waiting tables, caring for children (in a babysitting or child care mode) all can help pay for expenses while you're in college.
3. 3

   Step 3: Work during the summers and after school to save for college.

4. 4

   Step 4: Set definite savings goals and stick to them.

5. 5

   Step 5: Make good grades in high school.

6. 6

   Step 6: Plan carefully what career field you want to be trained in and start looking at colleges early.

7. 7

   Step 7: Consider less expensive colleges.

8. 8

   Step 8: Plan to work while you're in college.

Detailed Guide

About the Author