By Brian Raiche, Globe University-Woodbury Dean of Students
The majority of college students face student loan debt. It is reported that two-thirds of college seniors who graduated in 2011 had student loan debt. According to a recent report by CBS Minnesota, Minnesota has the third highest college debt in the nation.
These staggering statistics lead to the thought of how you can reduce college debt. Here are four ways a student can reduce their debt while attending school.
- Only borrow what you need. Many students take out additional loans to help pay for living expenses while attending school. Although it may seem easier to borrow extra money, this money has to be paid back, with interest. Consider picking up a part-time job to help defray costs while attending school. Not only does this provide extra income, it also teaches time management skills and is a great thing to add to a resume. Go to the Globe University career services page to find more information about finding a part-time job.
- Take a higher credit load. Students that take more than 10 credits per quarter qualify for a lower tuition rate. Doing this will not only decrease the total amount a student owes, it will also enable them to complete their program faster to get into their chosen career field. Globe University tuition is capped at 16 credits per quarter for most undergraduate programs. Qualified students who take more than 16 credits per quarter will not be charged for additional credits. This policy does not apply to nursing students or graduate students.
- Apply for scholarships. There are thousands of scholarships out there that often go unclaimed. This is free money for a little bit of time to fill out an application. Globe University offers a number of scholarship opportunities to help students defray the costs of education.
- Use alternative credit options. Globe University has certain classes that a student may test-out of to receive credit at no cost. Students must pass the test with a 70 percent or higher. Students can also apply for work experience credit for a course that aligns with a prior job relevant to their program. Military students are also able to use their military transcripts to examine which courses may be fulfilled by their military experiences.
Visit the financial aid page for more information on how to reduce college debt.