Right now there are millions of high school students who are graduating and moving on to college. You might be one of them or know someone who is. I remember graduating from Georgia Tech in 2009 with about $40,000 in student loans. I finally paid off my student loan debt in 2017 and I cannot tell you how freeing that was. It took me 8 years of my life to pay off my student loan debt!

Don’t get me wrong, the education was invaluable and I am thankful for the ‘college experience’ I received. Let’s be honest though…no one should have to go into debt to get a 4-year college degree. As you or someone you know is preparing to make the decision of which college to go to, you will want to read this so you can be prepared for what lies ahead.

Say ‘NO’ To Student Loans

The heading says it all. Whatever you do during college, do not take student loans. Avoid it at all costs. If you can have this mindset going into college, you will save a lot of money and headache down the road. Jobs are not guaranteed just because you have a degree. Trust me, there are different ways to pay to for college that doesn’t involve you paying a bank back more than what you borrowed. Apply to as many scholarships as you can and I mean as many as a thousand!

In 2016 a student graduating from college had an average of about $37,000 in student loans. That’s a $350/month payment that could have otherwise gone to saving and investing in a total stock market index fund or S&P 500 index fund. That’s $350/month you won’t have to spend on things you value. It may not seem like a lot, but when you compound $350/month at 8% over 40 years that’s $1,175,080! Are you finally understanding why taking a student loan ultimately works against you?

Say YES To Community College

Let’s get the community college stigma out of the way. There is absolutely nothing wrong with community college. In fact, I highly recommend majority of college students look in to community colleges before going to bigger state schools or out of state schools where you won’t have to worry about high costs. Community college is a great, affordable alternative path to higher education that won’t leave you broke.

Plus, community colleges have really easy transition programs where after two or so years you can transfer with your credits to a larger school. You basically knock out a lot of classes at community college and pay a fraction of the cost of what it would be at those bigger colleges and universities.

Another benefit to community college is the flexibility of being able to work to save for possible graduate school. If you have a desire to earn a doctorate degree or master’s I want you to stop reading this and take a mental note: Work, save, then pay for graduate school. Or if you can get a company or someone else to pay for it then that’s a big win!

Work During College

Young people remember that you are in college not to party and waste away precious years of your life. You are there to learn and create opportunities that will lead you to a purposeful and successful life. One part of college I wish I took more advantage of was working. I recommend trying to find an internship, co-op, or even a job delivering pizzas. I actually worked at the Georgia Tech Student Center making minimum wage. Even though the pay wasn’t much I gained a little real world experience and got exposed to a paycheck, taxes and the dreaded FICA.

Don’t Fall For The Hype

College is not a game or a time to act foolish and be stupid. Sure, college was fun and I enjoyed all 5-1/2 years of my undergraduate journey. And you will too, but the real world is waiting for you as it was me and everyone else with credit card offers, cars with financing options and the ticking clock for when Sallie Mae starts demanding her college money back with interest.

Be wise with money early. This way you won’t pay for your mistakes later in life like so many of us have. I’m speaking from experience and sharing my journey with you so you can avoid making my dumb choices. My biggest mistake was believing student loans were pretty much the norm, but I was wrong. There are people who work hard and graduate from college debt free and you can be one of them.

The “college experience” is truly overrated and not worth going broke for. Reading this article I hope you realize this sooner than many of us did. Check out my top 7 tips for college freshmen. I think you’ll find some great advice in this video below.