For example, loan forgiveness programs apply only to federal loans, not those you might get from a bank or credit union. But these programs could allow you to serve a community that really needs your help, all while helping you to get an education without long-term debt. The student loan office of your college or university can help you understand how to take advantage of programs that provide forgiveness for student loans like this.
In some cases, your advisor can help you find a school or career that could allow you to qualify. As a budding teacher, you're also in a perfect position to help your fellow students. Determine your strongest subject and tutor struggling classmates for a fee. You could even tutor from the comfort of your own home. The money you earn can help you cover your tuition costs, and you'll develop your teaching skills at the same time.
Unfortunately, there are few forgiveness programs made specifically for lawyers. But there are options for law students that aren't open to other types of students. With a little luck and a lot of hustle, you could earn a great deal of money to cover your education expenses.
Consider working as a paralegal in your gap year between undergraduate and graduate school. You'll get exposed to the nuts and bolts of a law practice, and in some states you could earn a handsome salary at the same time. With a little discipline, you could pay down your education debt from undergrad work before you spend more on your law degree. If taking a step away from your education isn't right for you, there are plenty of side hustles that are appropriate for law students, including:. During law school, the job you get in the summer between your second and third years could also pay you a hefty salary -- in addition to helping you establish connections that could lead to a full-time position.
Choose your 2L summer position carefully and put any money you earn toward paying back loans or covering the costs of your third year of law school. If you're studying the sciences, you're preparing for a life of invention and research.
There are some steps you can take while in school to cover your education costs. Consider your inventive mind.
Many of the most successful companies in business today, including Apple and Facebook, were started by young people with a bold idea that could change the world. Get together with like-minded students and try to solve a pesky problem. You could patent your idea, but beware: Patents can cost you thousands of dollars, and you'll need to spend even more to keep your documentation up to date.
A better idea: Join a local inventor organization.
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Find them by searching for the term in your area. Meet with other inventors who have been through the process and find out about local incubator groups that can help you make your dream a reality. If you'd like to make money with a little less hassle, consider a research assistant position. Here, you're helping other professionals to perfect their ideas before they go to market. While you may not share part of the invention's profits at the end of your work, you could take home a steady paycheck while the experiment goes on.
Find a research assistant position by talking to your professors, or ask the guidance counselor of your department to connect you with a professional. If you've borrowed federal money through a Perkins Loan, for example , you may qualify for programs that pay back your debt. There are programs like this for doctors, teachers, and nonprofit workers. You can contact the U. Department of Education to find out more, or call the financial aid office of the school you went to. It depends.
16 Ways to Reduce & Avoid Overwhelming College Student Loan Debt
It's not uncommon for students to save a significant amount by spending two years in the community college and then transferring to a university. But even one year in a school like this could save you a lot of money, especially if you can continue to live at home while you learn. Yes, but do it wisely. Your salary can help you pay for tuition, books, and housing, so that's a huge benefit.
But if you work so much that you fail your classes, you'll waste your tuition fees. Pay close attention to your schedule, and if you find you never have time to study, it's time to cut back on work. In some cases, yes. If you're hoping to go to law school, spending a year working as a paralegal could help you to understand the field even better while you're paying back undergraduate debt.
Even if you think you're not qualified for aid, the team can connect you with work-study programs, internships, and other opportunities that can help you cover your fees while you're in school. This is especially true if you plan to work in medicine. Hospitals, long-term care facilities, and clinics may agree to pay your tuition while you're in school, so long as you promise to work for them when you've graduated.
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With These Tools, Parents and Students Can Get Ahead
Share it! The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. From The Motley Fool. Advertiser Disclosure We do receive compensation from some partners whose offers appear here. These nine ideas can help you reduce your debt load: 1. Choose the right school Educational institutions are not created equal.
1. Find Money
To decide whether paying for a more expensive school is worthwhile, consider: Whether the school has a specialty program in your chosen field. The average salaries of graduates and the percentage who are employed a year after graduation. Whether the school offers strong networking opportunities.
Expand your search for scholarships There's a whole world of scholarship opportunities out there beyond your school's financial aid office. Some places to look include: Online scholarship search engines, including CollegeBoard. When purchasing used textbooks — especially in subjects such as science, social sciences or math — pay close attention to the edition and publication date, as an older edition may contain completely different information from the one specified by your professor.
Purchase a coffeemaker. Those early morning lattes and late-night espressos can really add up over time. Instead of making a beeline to the nearest coffee shop, consider the one-time expense of purchasing a coffeemaker for your dorm or apartment to cut back on those regular costs. Take advantage of free food.
In addition to the myriad on-campus events that happen all the time and provide free food and beverages, students may also consider working part-time at restaurants. In addition to standard wages and tips, many restaurants provide free meals to their employees. Take advantage of student discounts. Hundreds of companies offer discounts especially for students, and many of them are significant.
The Complete Guide to a Debt-Free College Education
In addition to clothing stores such as J. Crew and Gap that offer discounts, Amazon Prime offers a free six-month membership, and technology companies including Apple and Dell provide percentages off for students with official school email addresses. This also can help with getting discounted prescriptions and low- or no-cost visits to the doctor. Be strategic at the grocery store.
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Aside from selling old textbooks on sites like Amazon, eBay and AbeBooks, websites such as Poshmark and ThredUp also allow students to clean out their closets and make a profit. When getting rid of old furniture, technology, automobiles or household items, consider using sites such as Craigslist. Cancel memberships.