Pursuing Your Career

Reducing College Debt Before Graduation

Thomas Sullivan’s new book, COLLEGE… WITHOUT THE EXCESSIVE DEBT, gives a rather eye-opening view of college and the debt students on average leave college with, whether or not students completed any degrees. I myself have seen multiple students with over $20,000 in college loan debt fail to complete a degree. So, these students are left having to find a way to pay back loans without the help of a college degree.

It’s rather sobering to consider that loan debt is avaeraging oer $30,000, but Sullivan’s book provides great guidance on how to reduce if not eliminate college debt altogether. While apprciative of Sullivan’s listing of scholarship search engine, it’s his sharing of multiple plans of how students and families can map out affording a college degree without building an overwhelming loan debt. College students and families need to continually seek out scholarships (consider it a part time job throughout your college years). Even if you only get a couple hundred dollars in scholarships per year, that’s still a way to chip at your tuition costs. $300-$500 per year in scholarships makes a difference in the long-term.

As for the major expenses of living in a dorm and the often required meal plans, Sullivan provides good insight in ways to avoid those expenses. Given the average loan debt being over $30,000, I think Sullivan’s plans provide some options, especially for families struggling to pay rent. The important thing is that students and families carefully consider every college-related debt they take on before taking out any loans.

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