Going to College without Going into Debt

Sara Parker, from Utah Central Credit
Union shows how to manage the costs.

Tuition at Utah’s major universities varies from about a low of $1,963 to as much as $2,872.70 and when you add books, supplies, room, board and living expenses it costs a whopping $7,562 – for one semester.

According to an article published by Money magazine, two-thirds of students borrow money to pay for college, and 1 in 10 ends up with loans totaling $35,000 or more, while the average is between $12,000 and $16,000.

But there are prudent steps that can reduce the debt burden. Utah Central offers a number of financial savings and investment options for college students – like high yield savings options, loan programs, college intern programs, scholarship programs, a courtesy pay forgiveness program, and first time auto buyers and VISA programs. Most financial institutions are eager to help those who want to earn a college degree.

Some other helpful hints include:

• Find scholarships or grants. Go to www.collegeboard.com where more than 2,300 source of college funding are listed. Take advantage of work study program

• Take advantage of work-study programs. A great way to earn income that can be used for paying college and living expenses while still earning the degree. Go to http://collegeanswer.com to learn more.

• Corporate sponsorships. Many companies offer significant tuition reimbursement – enough to cover public university tuition in many cases — for employees earning the bachelor’s degree.

• Investigate public service options. The United States Military, National Health Service Corps, and Americorps will give you money for your education in exchange for your signing up for a “tour of duty.”

• Graduate Early. Most bachelor’s programs are set up to be completed in four years, but consider taking summer school classes to speed up your program.

For more information or for any financial needs, contact Utah Central Credit Union at www.utahcentral.com

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