Winning the War Against College Debt

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Learning & Life Columnist

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Do you feel like you're about to start your professional life so deep in a financial hole that you'll never see the sunlight? You have dreams of settling down, buying a house, and raising a family after you graduate from college. Unfortunately, your credit rating may be tied up in a large amount of debt you accumulated while you were in school.

You're Not Alone

Don't despair, the situation is far from hopeless, and you are not at all alone in facing it. The National Center for Education Statistics studies show at least half of all recent graduates have student debts of $10,000 or more. The Association of American Medical Colleges points out that medical school graduates have it even worse. The average young doctor begins practicing medicine with a $100,000 weight on his or her shoulders.

What to Do With Your Debt

The battle against all-consuming student debt begins while you are still in high school. Chances are your high school offer advance placement (AP) classes and AP exams. Take as many of them as you can. Every AP exam you pass means one less college course you'll have to take, and college courses cost money.

You can also start focusing on college scholarships and grants from the day you enter high school. Do everything you can to keep your grades up and choose your in-school and after-school activities with an eye to how they will look on a college scholarship application. Students with good grades, varied extracurricular interests, and lots of community service experiences generally do well with scholarship committees.

Another Source of College Money

You can also look to the U.S. Government as another possible source of assistance with your college funding. The Department of Education has earmarked more than $67 billion this year (that's roughly 70% of all student financial aid) to fund higher education.

Buy What You Need

For many people, going to college is the first big adventure away from the watchful eyes of parents. The experience is a bit like Alice's trip to Wonderland. There is so much to see and so much to do. A whole new world of temptations is open for exploration. Credit card companie are right there to make it easier and more tempting.

The little plastic card with your name on it seems like the key to magic kingdoms. It is. The only problem: someone has to pay the rent on those kingdoms, and that someone is the person whose name is on the card.

Limit Your Spending

It may be easy to convince yourself that you really need that pair of designer jeans, one more trick piece of computer equipment, or that winter break ski trip with your friends when you can put it all on a credit card. If you think of your future - and the way today's indulgences add on to tomorrow's student debts - you might learn to tell yourself "no."

It's up to you to put limits on today's debt. Remember, lenders are usually quite willing to give you far more money than you can easily afford to repay. Just because they send you a card with a big credit line, doesn't mean you can afford to pay for it.

Other Ways of Keeping the Debt Down

Shop around for the college that will give you the most help. If you find a school that is actively recruiting students like you, you'll probably have the best offer of financial aid from that school. If you have to claw your way into a school, they may be less inclined toward generosity with the student assistance.

There are other ways of holding down college costs:

Two-year Transfers Save Money. You can enroll in a two-year school and then transfer to a four-year school when you finish the two-year program.
Choosing Public over Private. Public universities and colleges are less expensive and many offer the high-quality education available in some of the expensive private institutions.
Earn While You Learn. Think of your after school or summer job as part of your education. You'll learn about the workplace and about dealing with different kinds of people. The money you earn will make life after graduation more pleasant and less stressful.

About the Author

Martin A. David consults as a Senior Technical Writer for a number of Silicon Valley firms. He is also a translator, specializing in Danish, French and Spanish literary works. He has written numerous feature articles for publications including the Los Angeles Times. He has also published a novel, and a non-fiction book in the area of dance. Martin earned his B.A. in Liberal Arts from Brooklyn College in his native New York. He currently chairs the Santa Clara Cultural Advisory Commission in Santa Clara, California.

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