If you’re hoping to attend college, you might be worried about how you’re going to cover the costs of tuition and general living expenses. Even if your parents have been saving for years, there might not be enough to take care of everything. There are many myths about college and money, and the belief that you simply can’t afford to pay for it is one of them. Below, you’ll find some of the most common myths debunked.
Private Colleges Are Too Expensive
Going to a public, in-state university can be more economical than many other options. However, don’t write off that high priced private one that you have your eye on. Some of these schools will offer a number of students substantial or full scholarships which you can search for online when the time comes. Before you decide that you can’t afford a college you really want to attend, be sure to thoroughly explore all your financial options.
The Most Expensive School is Best
With the above in mind, you also shouldn’t make the mistake of thinking that the most expensive school is the one you should try to get into. Not only might it not be the best choice for you for several reasons, but you could end up graduating with a huge amount of student loan debt. Having to take out massive student loans isn’t inevitable, and if that’s the only way you can attend a certain school, you may want to look elsewhere.
You Shouldn’t Have a Credit Card
Conventional wisdom says college kids shouldn’t have credit cards because they won’t use them responsibly. However, there are several good reasons to get a credit card. One is that it gives you the opportunity to start building a credit history. Another is that you’ll have a resource to fall back on in case of emergencies. When it comes to having a credit card, the card itself isn’t the problem, as your behavior potentially is. Be smart, and except for emergencies, avoid putting anything on it that you can’t pay off each month. If you feel like you’re ready for the responsibility of having a credit card, you can review a guide to help you make the important decision about which one to get.
You’ll Rack Up Too Much Debt
Especially if you want to improve your credit score, there are several other ways to pay for your education besides taking out big loans. One of them is by applying for scholarships. You may also be eligible for grants. In addition, you can work part-time. While some debt may be inevitable, you can keep costs down by choosing a reasonably priced school in a place where the cost of living is not too high, budgeting wisely and starting to pay toward your loan while you’re still in school. When you graduate, you need to prioritize continuing to pay off your loans so that the interest doesn’t mount up. Keep in mind as well that there’s a reason this is considered good debt. For most graduates, the boost they will see in their earnings over a lifetime offsets the money that they have to borrow.