How to Avoid College Debt

College is a crucial investment in your future, but it can come with some frightening costs. Here’s a look at the average college debt, and what you can do to avoid it.

The Stats on Student Debt

Check out these 2020 college debt statistics from the Education Data Initiative:

• The average student loan debt is $37,693 per borrower.
• The average student borrows over $30,000 to pursue a bachelor’s degree.
• 20 years after entering school, half of student borrowers still owe $20,000 each on outstanding loan balances.

Statistics like these may be alarming, but the good news is that you can reduce—or even eliminate—debt in college. Learn from those who have done it before, and follow these 5 strategies to graduate college debt-free.

How to Avoid Debt in College: 5 Strategies for Success

1. Start saving early.

Get a head start with your finances and build up funds. The more you save, the less you’ll need to borrow.

2. Choose your college(s) wisely.

Consider options that are more budget-friendly. You can also leverage the power of transfer credits by going to a less expensive community college to earn credits for general prerequisites. When you’re ready to get into more specialized classes, you can make the switch to the higher-priced college or university of your choice.

3. Make use of scholarships and grants!

The single most impactful way to avoid debt in college is through the use of scholarships and grants. Fill out your Free Application for Federal Student Aid (FAFSA) to see if you qualify for a federal grant or other aid programs. Search for scholarships that serve students in your field of study, demographic, or geographic area.

Scholarships like the Catch a Break! Scholarship Program for Minnesota residents can bring you financial support and help you reach your highest potential.

4. Earn income and minimize expenses.

Earn money while going through college by taking advantage of work-study opportunities, making income on the side, or landing a part-time job. Limit the money you’re spending by living off-campus, saving on textbooks, and planning meals.

5. Streamline your path to graduation.

Know exactly which courses you need to take so you don’t increase your time (or tuition) in college. Consider taking classes during summer and winter terms to graduate early.

Catch A Break! is proud to provide substantial financial aid to aspiring college students of all majors. With our scholarship program, students have the freedom to choose their major without fear of having low income right after graduation. Scholars also take part in an active and life-long scholarship community that fosters growth and development.

We give select Minnesotans up to $11,000 a year to pay for in-state tuition. Even better, our scholarship is renewable for up to 4 years! We’re always looking for exceptional students in our program. The deadline to apply to our scholarship program is March 15th, so apply today or visit our website to learn more!

About Catch A Break!

At Catch a Break!® we believe in the value of a college experience and the rewards of a hard-earned degree. The knowledge and abilities you gain in college can open new doors and change the course of your life. We are a testament to that fact; we’ve caught so many breaks in our lives that have helped us make a difference in the world, and we want to find deserving scholars who will catch their break and use it to make a difference of their own.

Catch a Break!® is proud to support financial awards and our scholarship program so we may choose the best students and potential talent. We select scholars each year and provide them up to $11,000 per year up to four years. Our goal is to help you graduate from college debt-free. Learn more and apply for our scholarship by visiting our website.