How to Get a Bachelors Degree by Age 20 With Zero Debt (2024)
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To secure a successful future, education is vital. Yet, degrees take an average of five years and thousands of dollars to attain.
I graduated with my Bachelor’s Degree from a highly-rankedUniversity at 20 years old. My parents wanted us to work for and value our education; thus we were responsible for paying for ALL of it. Even paying for it myself, I had zero debt when I graduated.
Here are 7 steps on how to graduate at age 20 (or even before) with a Bachelors Degree and zero debt…
1- Aim to complete your associate’s degree while in high school. It is possible. I did it (shy of one credit) and many others I know have done it too.
2- Meet with counselors on both the high school and college level and make a plan. Triple check all credit requirements and make sure classes (if taken at different schools) transfer correctly.
3- Enlist in as many pertinent concurrent enrollment classes that your high school offers. Concurrent enrollment classes are college accredited classes that are offered at the high school level. They typically count as both high school and college credits. For example, I took Math 1010 and Math 1050 in high school. They counted for my high school math credits as well as the math requirements for my associate’s degree. Further, concurrent enrollment courses are typically very inexpensive and are taken during regular school hours during high school.
4- Take AP courses that you know you will pass. It’s devastating to study for a complete year and then fail the test. Courses like AP Photography that are based on a portfolio and cannot be failed due to one test are great as well.
5- Attend on-campus classes while you are in high school. I was on the high school tennis team so I enrolled in a college tennis class. It was awesome earning credits for the practice that I needed to do anyway. I also took a biology class on the campus and learned a lot. If you do not live close to a university look for online courses. I completed 4 online courses while in high school. Some were offered at the high school and we could go to the class and watch our professor miles away on a screen, others I paid for an took on my own. The internet has made going to college and completing college courses younger much easier.
Don’t be intimidated to go to school on campus. I got great grades by studying well despite testing against older classmates. I also took courses during my last summer semester. I found that summer courses were easier and shorter than other semesters. I wished I had taken more summer courses when I realized this.
6- Find and apply for multiple scholarships. I was on track to earn a very high value scholarship. Had I not been one credit short of my associate’s (due to an unfortunate misunderstanding), I would have received it. Yet, despite NOT getting this high value scholarship, I was STILL able to graduate with a bachelor’s degree with zero debt. But it would have been a lot easier to do with a scholarship. Spend hours researching and applying for scholarships. And as my mother would say, “Don’t put all your eggs in one basket”. Apply to many scholarships just in case the one you are counting on falls through.
7- Earn your way through school. I paid tuition on a monthly payment plan so I could use my weekly paychecks. Also, save up your money during the times you aren’t at school. Between high school and moving away for college I worked very hard and saved up enough to pay for the next year of school. During the next two years, I worked during school and was able to pay for my schooling before the end of my final semester. Here are 9 additional Ways to get a degree without going into debt.
Despite losing out on a high value scholarship and having to pay for every penny of the degree, I was proud to have been able to get my Bachelors Degree without going into debt. I valued my education much more than I would have had my parents paid for it. I also took my grades very seriously because I didn’t want to pay another couple hundred dollars to re-take a course or be forced to go to school an extra semester. Because of the valuable lessons I learned, my own children will be responsible to pay for the majority of their education.
Just to show that anyone can do this, at age 19 I took a 5 month break from college to travel to Taiwan (to teach English) and to New Zealand (to snowboard). I financed these trips as well as made money while abroad but when I came back I was broke. I had to work a few low key jobs (that allowed me to study) to get through my last couple semesters. If you (or your kids) don’t take a 5 month travel abroad trip they may be able to graduate even sooner than I did.
Following the aforementioned tips, I was able to graduate from a University with a four year degree at age 20 with zero debt. By using these 7 tips your children can too.
Check out these related posts: 9 Ways to Get a Degree Without Going into Debt, How to Avoid Debt, How to Get Out of Debt, and The Difference Between Good and Bad Debt.
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Going to an in-state public college is one of the best ways to graduate without debt. Of the students who graduate with no debt, almost all of them are going to colleges that cost less than $8,000 a year, and those are mostly two-year colleges. That's fine if you're trying to get a two-year vocational degree.
Going to an in-state public college is one of the best ways to graduate without debt. Of the students who graduate with no debt, almost all of them are going to colleges that cost less than $8,000 a year, and those are mostly two-year colleges. That's fine if you're trying to get a two-year vocational degree.
51% of 2021-22 bachelor's degree recipients graduated with an average of $29,400 in student loan debt. Among all borrowers, the average student loan debt in 2023 was $38,787. 53% of federal student loan borrowers owe $20,000 or less.
Key Takeaways. More than four in ten students at public four-year universities complete their bachelor's degree with zero debt. Nearly eight in ten students graduate with less than $30,000 in debt.
Paying for college is hard but doable without taking out any student loan debt. You'll likely need to work hard and be creative if you don't have someone gifting you the money. You can do this by earning scholarships or applying for as many grants as you qualify for.
Depending on the data source, average monthly student loan payments for a borrower with a bachelor's degree are between $512 and $621 every month. Surveys of borrowers suggest that the average length of time it takes for a student to pay off their loans is around 20 years.
$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
A debt-free lifestyle, meanwhile, has plenty of advantages: You don't have interest payments and fees, which results in lower overall living expenses. You can redirect money toward savings and investments to grow wealth over time. You get to make decisions based on your personal goals instead of debt obligations.
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.
Some options to help with paying for college include applying for scholarships and grants, looking into work-study options, cutting costs and applying for loans. You can still look into saving for future education with 529 plans, which allow contributions through investments.
Grants, not student loans, are arguably the best way to pay for college education expenses. Unlike loans, grants don't need to be paid back and are therefore an excellent source of funding for college. It's almost like free money!
Scholarships are usually merit-based and do not have to be repaid. The key is being prepared, because scholarships have deadlines and may require time to write essays. So get organized and regularly search and apply for scholarships. businesses in your community or that employ your parent(s).
There are ways to get through grad school debt-free, including research or teaching assistant positions, merit scholarships, one-year programs, working while going to school, attending a public school, finding niche programs, working before going to grad school, and finding a job with tuition reimbursem*nt programs.
A school probably can't deny a student from graduating. They can prevent them from participating in the graduation ceremony, not provide a diploma certificate, not send transcripts to colleges or future employers. It's probably a good idea to make arrangements to pay the debt over time or in full.
Take advantage of scholarships and financial aid. Applying for scholarships is a great way to reduce the cost of attending college. Even if your child isn't on track to be the next basketball star, he or she still might qualify for an academic scholarship or other type of aid.
Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.
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