Nowadays, Americans are increasingly being thrown into debt because of incurred loans even before they started working. They find themselves stuck in debt even after retirement because of student loans they still don't have the means to pay.
There are many ways to solve this student loan dilemma, according to Morning Star columnist and author, John Wasik. Repayment strategies to consolidate loans or reduce interest rates are available for parents and students to avail. Nonetheless, the writer says that the best option is to not loan at all!
According to Wasik, the fool-proof way of not applying for a student loan in the first place is to enroll at a college that can give you quality education at the lowest cost. The first thing to do is to look at the "richest colleges" list because these institutions have a lot of money to provide financial aid to students in need.
But of course, these rich colleges treat their students as investments and won't spend millions of dollars for nothing. They have to invest on the best students which makes the selection process tedious.
For Wasik, you can get to these colleges if you ace your SATs and ACTs, if you're a prized athlete, if you take community college classes, and if you show interest in the college by visiting the campus beforehand. Once you get in a college under a financial aid, then you wouldn't have to apply for a student loan.
It's easy to say that people can study hard to get to a good school and pay less or none at all. However, as per Parent Herald, the opportunities to get high scores, be accepted as an athlete, and visit campuses pre-admission separates the rich and the poor.
The rich can afford to enroll themselves to classes that will prepare them for the aptitude exams. They also have the money to fly back and forth from universities far from their houses. Also, most Ivy Leagues accept athletes of rich sports such as fencing, water polo and sailing.
Another Parent Herald article emphasizes the need for incoming college students and parents to know and understand the student loan programs available to them. There are income-based scholarships that the White House offers and are willing to consider debt forgiveness on extreme cases.
What other ways can you think of to enter college without needing to apply for a student loan? Comment your thoughts below and follow Parent Herald for more news and updates.
