On May 9th, 2018 I received an undergraduate degree without taking on any debt. Here’s how:
1. Work hard, work early
The earlier you start working hard on your goal to graduate college debt-free, the easier it is (as with many things in life). While staying up late doing homework after a basketball game in high school was no fun at the time, the scholarships that I received from my academic efforts were certainly worth it.
I also worked a few part-time and summer jobs in high school, and saved most of my income to help pay for college. Starting with a little bit of a financial cushion was helpful during my freshman year.
2. Get a job during school
I mentioned in my post about the 5 Things I Wish I Did Freshman Year that I did not get a job my entire first year at college. After spending most of the savings from my high school jobs, I started working again before my sophomore year began.
From then on, I always had a job (and for one semester my junior year I worked two jobs while taking 18 hours of classes). I definitely would have needed to take out student loans if I didn’t have the income from those jobs.
3. Live with roommates
I kept my housing costs ridiculously low during school by living with 4 and sometimes 5 other people. I had my own small room, but if you want to cut down on rent even more you could share a room with someone else. I’ve found that living off campus can be more affordable than on campus as well, although if you live too far away your commuting costs may eat up any savings on rent.
4. Get a bike and/or use public transportation
Even if you own a car (which I did not during college, and still do not), using a bike or riding the bus/train for your daily transportation needs can save you hundreds if not thousands of dollars every year. If you take public transportation, you get the added bonus of being able to study during your ride.
5. Cook your own food
I was on the meal plan my first year of school, and paid $3,600 for two semesters of eating at the dining hall, roughly 8 months. This comes out to $450 per month, which is almost four times the average of $123 I paid for groceries per month in 2017 (see every dollar I spent that year). While a meal plan certainly helps ease freshmen into adulthood, it’s financially smart to start cooking for yourself ASAP.
6. Keep applying for scholarships
While everyone applies for scholarships before freshman year, there are many scholarships out there for continuing students that many people don’t apply for. I could have done a better job at this, because I only applied for continuing student scholarships once. I took an hour one day to fill out a few forms, and ended up landing a $1,000 scholarship. Not a bad hourly rate!
7. Be flexible
I went to a school none of my hometown friends or family had ever heard of, 1,000 miles away from where I grew up. My bike was my main mode of transportation, I cooked almost all of my own food after freshman year, and shared a bathroom with multiple roommates. All of these things required hard work and flexibility, and in the end it paid off in the form of a debt-free degree. #MoneyGoals
(Pictured: One of UTD’s finest professors, Mr. Polze, and I after graduation. Richardson, TX)