College is a transformative time; however, earning a degree can be incredibly expensive. One of the biggest challenges college students face is managing their student loan debt, regardless of whether they have graduated with a diploma or not. Tuition costs at four-year universities and colleges continue to soar, and student loan debt now tops $1.6 trillion.
A great place to start your higher education journey is at Maricopa Community Colleges. The system’s ten colleges provide an incredible return on investment for students who want to pursue their higher education goals without incurring excessive student loan debt.
We’ve put together a few strategies to help minimize your student loan debt and make college more affordable.
Take Advantage of Early College Programs
Early college programs allow high school students to get a head start on their college careers, and may even provide cost-savings in the form of tuition assistance and scholarships. As Arizona’s largest provider of early college programs, high school students can take advantage of three unique programs – Achieving a College Education (ACE), Dual Enrollment, and Hoop of Learning (HOL).
Attend Community College
One of the most cost-effective ways to minimize student loan debt is to attend a community college for the first two years of school. Community colleges have much lower tuition costs and fees than four-year universities and colleges. Maricopa Community Colleges offers over 600 degree and certificate programs. Students also benefit from low-cost tuition of $97 per credit hour for 100- and 200-level courses and $145.50 per credit hour for 300- and 400-level courses. Furthermore, there are no additional application fees, and most importantly, Maricopa Community Colleges accepts 100% of students who apply.
Earn a Bachelor’s Degree at Maricopa Community Colleges
Students looking to earn a bachelor’s degree without incurring exorbitant student loan debt should consider Maricopa Community Colleges affordable Baccalaureate Degree Programs. Maricopa Community Colleges bachelor’s degrees are one-third of the cost of attending a traditional four-year university, saving students roughly $7,000-$10,000 yearly compared to Arizona’s in-state universities.
Transfer to a Four-Year University
Before transferring to a four-year university or college to finish your bachelor’s degree, make an appointment with an academic advisor at your college. Academic advisors walk you through the transfer process, help you select classes, and maximize transfer credits. An academic advisor will also let you know if Maricopa Community Colleges offers a bachelor’s degree in your field of study, saving you money on tuition and fees. If you choose to leave Maricopa Community Colleges to finish your degree, keep in mind there are transfer agreements with over 40 partner four-year universities and colleges, including Arizona State University’s MyPath2ASU, Northern Arizona University’s 2NAU, and the University of Arizona’s Bridge program. Learn more about our Transfer Partners.
Maximize Other Funding Sources
Other funding sources besides student loans can help cover the cost of college, such as grants, scholarships, and federal work-study programs.
Unlike student loans, grants and scholarships are free money that doesn’t need to be repaid. Grants may come from the federal government or state, with the Pell Grant being the largest of federal grants. Scholarships are awarded to students based on academic achievement or other criteria that may include financial need. The Maricopa Community Colleges Foundation offers a variety of scholarship opportunities to students attending one of the ten colleges.
The federal work-study program allows full-time or part-time students to work part-time on-campus jobs as part of their financial aid package. Learn more about the federal work-study program.
Consider Freelance Work or a Part-Time Job
If scholarships and grants are not enough to cover your daily living expenses, consider freelance work or a part-time job that works around your college schedule. Freelance work includes anything from writing, graphic design, tutoring, private music lessons, and rideshare and food delivery services. A part-time job is a great way to earn extra money if you want a more structured work schedule and a steady paycheck.
Limit Living Expenses
If you need to take out federal student loans, consider limiting the amount you borrow each year. To save money, you could live at home with your parents or a family member or find roommates to share housing costs. Other cost-effective options to help you save money include:
- Buying used textbooks instead of new books.
- Selecting courses with Zero Textbook Cost or Low Textbook Cost ($40 or less).
- Making meals at home instead of eating out.
- Brewing coffee at home instead of purchasing it to go.
- Using public transportation.
- Shopping for second-hand items instead of buying new clothing or furniture.
Borrow Only What You Need
When it comes time to take out student loans, only borrow what you need – not what you’re eligible for. Remember, every dollar you borrow will need to be repaid with interest.
Understand Your Repayment Options
After graduation, it’s important to understand your student loan repayment plans. There are several repayment plans, including income-driven and extended repayment plans. Ensure you understand the terms and conditions of each plan before selecting one. Learn more about federal student loan repayment plans.
Know Your Salary Expectations
Finally, it’s important to know what kind of salary you can expect to earn after graduation to plan for your student loan repayments. Research the average salaries for your field of study at the U.S. Bureau of Labor Statistics.
Minimizing student loan debt is a crucial step toward achieving financial stability after college. By attending Maricopa Community Colleges, you can set yourself up for success during college and after graduation without being burdened with excessive student loan debt. Learn more at Maricopa.edu.