How to Pay for College Without Going Into Debt

Getting a college education is more important now than any other time in our past. Unfortunately it is also more expensive than at any other time in our past. Tuition rates regularly out-pace inflation. But with a little planning and sacrifice you can get your degree without building any debt.

Instructions

Difficulty: Moderately Challenging

1. The first step is to make a plan as early as possible. Starting early is the first step for parents who are planning for a child's eduction. Decide whether you are saving for a public or private university and whether it will be in-state or out-of-state.
2. Check into different savings plans. Prepaid in-state college savings accounts and mutual funds are great places to start. You'll need to contact your financial instutition (or financial planner if you have one), open an account and start contributing. Do some quick calculations to determine how much per month you need to contribute in order to fully fund the account.
3. Students bear certain responsibilities in preparing to pay for college. The main one is getting the best grades possible. Straight A's may not be necessary but the higher your GPA the more likely you are to be awarded scholarships. Do you best on national tests. Test scores also factor into some scholarships.
4. Students should participate in extracurricular activities. Sports and clubs show your interests and provide opportunities to earn additional scholarships. Obtain leadership positions when possible. Do not over-extend yourself. Two to three activities per year are more than sufficient.
5. Students should volunteer three to four times a year. Not only does it look good on applications, it provides additional scholarship opportunities and gives you the satisfaction of knowing you help someone.
6. Parents and kids should both keep track of all of the activities and achievements of a child. Keep them in a safe location and update your records once a semester.
7. Parents need to look at scholarships offered by their employers. Many times the requirements for these scholarships are no more complicated than an average GPA and a parent who works for the company.
8. Start researching scholarships as early as your freshman year in high school. The opportunities are endless and many require no more than an application and a short essay. Parents should assist in the research step.
9. Writing essays is a tiresome but necessary step. Proofread your essays carefully and make sure they address all the require points. If a presentation or portfolio is required you should make sure your materials are neat and well-organized. Invest in a good portfolio case.
10. Ask for letters of recommendations from teachers, advisors, coaches and supervisors. You should ask at least once per school year (twice if your child is involved with a lot of activities). The letters are better if they are fresh (in other words, don't wait till your senior year to ask for them).
11. Once you are in college get a part-time job. Do not get in the habit of eating out. Do not get a credit card just to get a free shirt or pizza. Use coupons. Get used to Ramen noodles. They are very cheap.

Tips & Warnings

• Plan early! This will save you the most money.
• For parents: Times change. College is different by the time your child is ready to attend. Ask friends who have kids currently in college for tips on financing without going into debt
• Ramen Noodles. It's only four years. You can eat real food after they hand you that expensive sheet of paper.
• Avoid fast food. It will eat through your budget in no time. Same for alcohol. Booze is expensive. (These two alone will prevent the freshman-15).
• Buy used text-books. Share text books with buddies. Check the library for older editions of the books and just borrow them.
• Do a comparision chart on living on-campus verses living off-campus. Factor in food, utilities and transportation. Sometimes it is cheaper to live off-campus
• Look into the possibility of purchasing a home at school instead of renting. You can rent the spare rooms and then sell the home after your child graduates.
• Work full-time during the summer and put your earnings back for the upcoming school year.
• Run from the clowns offering you a credit card. Any moron who would approve a credit limit for someone who doesn't have an income does not have your best interests at heart.
• Research and compare. There are no quick steps to getting through college debt free.