George Simons | May 23, 2024
Edited by Hannah Locklear
Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.
Summary: Student debt can cause a crushing financial and emotional burden. Luckily, there are alternative ways to pay for your college education, such as grants and scholarships, income sharing, crowdfunding, work-study programs, and employer sponsorship. If you are already struggling with student debt, SoloSettle can help you settle your debts and move on with life.
Higher education in the US is a huge investment. It leaves many students grappling with enormous debt after graduation.
While there is no quick fix for the outrageous price of a degree, there are certain ways to work around it and avoid student loans. Some students take jobs and use write my essay services to deal with their college workload. Others use their savings or family support. Yet, aside from these, there are many other practical ways to cover the cost of your education. But before we move on to them, let’s discuss what student debt is and why it can be risky.
Sued for student debt? Settle your student debt for good with the help of SoloSettle.
Student debt refers to money you borrow to pay for tuition, living, books, and other expenses related to your education. You can take a loan from the government or private sources like banks.
Considering the ever-rising price of a degree in the US, student loans have become a necessity for a lot of people. On average, a student of a public college borrows $31,410 to earn a bachelor’s degree, according to the Education Data Initiative. Nationwide, student loan debt reaches $1.75 trillion.
While student loans make education more accessible and allow people from an underprivileged family background to gain quality education and thus higher earning potential, they could also turn into a financial burden. It could force you to put your dreams on hold, like traveling, buying a house, or working for non-profits, until your financial obligations are fulfilled. Luckily, while student loans are the most popular option to pay for college, they’re not the only option. Here are five feasible alternatives to student loans.
Student debt got you down? Are you looking for other ways to pay for your education? Consider these five alternatives to taking out a student loan.
Grants and scholarships are two of the most desired and powerful ways to cover the cost of your learning. Both are free forms of financial aid, which means you don’t need to repay them after graduation.
Unlike student loans, grants and scholarships are less accessible. You have to meet certain eligibility criteria to be able to apply for them. Grants are usually awarded based on financial need and consider your family income and background, tuition cost, and disability status.
In contrast, scholarships are mostly merit-based and require achievements in a particular discipline, athletics, or extracurricular activity. When you’re in the running for either a grant or scholarship, gear up for intense rivalry.
Below are some pros and cons of grants and scholarships:
Pros | Cons |
---|---|
Grants and scholarships serve as gift assistance. They come with the luxury of non-repayment. | To keep this kind of financial assistance, you need to meet certain stipulated requirements. |
Getting more than one scholarship or grant is possible. | Eligibility criteria may be limited and subjective. |
Scholarships will look great on your resume. | Competition is extremely high. |
An emerging alternative to student loans is an income-sharing agreement. The idea is that you get money to go to college first and pay it back only when you graduate, land a job, and get a regular income. In a nutshell, an investor buys a percentage of a student’s future earnings for a certain period.
Usually, students can keep the first $20,000 and start paying back only after they’ve reached this particular income threshold. Besides, a borrower doesn’t need to be worried about losing a job as they can also stop paying the loan back. Upon securing a steady job again, they resume from where they halted.
Here are some pros and cons of income sharing:
Pros | Cons |
---|---|
No barriers to entry. | This method is still in its early stage. |
You don’t need to have a minimum credit score. | Most income sharing programs are not regulated. |
You can wait until you have a regular income to pay back. | It could take longer to pay off than other alternatives. |
Crowdfunding is a modern method of amassing funds to support your education or initiatives through digital platforms. It’s not a traditional method to pay for college, but it’s worth a shot.
To have a successful crowdfunding campaign, you need a strong personal network. Having a considerable online presence will be useful as well.
Start by selecting a reputable crowdfunding platform and determine your goal. Make sure you create a compelling campaign page and engage your community. You can also offer incentives to your donors.
Keep reading for pros and cons on crowdfunding.
Pros | Cons |
---|---|
You don’t need to repay the raised funds. | Success is uncertain. You may not reach your goal. |
It’s a social tool that gives you exposure and networking opportunities. | Running crowdfunding campaigns involves a substantial commitment of time and effort. |
A work-study program is a federal or state financial aid option that can help you fund your education. It allows students to take a part-time job and earn money to pay for school without loans. Such positions are usually campus-based, but there are off-campus options as well.
The benefit of work-study programs compared to an independent search for employment is that your college schedule is taken into account. Homework help allows you to strike a better school-work balance and avoid excessive stress.
Note that work-study programs won’t cover all your educational expenses. They are not meant for high costs and help mostly with day-to-day spending.
Be aware of the pros and cons of work-study programs, such as:
Pros | Cons |
---|---|
You get real hands-on work experience. | Pay is usually low. |
A program considers your college schedule. | Balancing work and school can be stressful. |
If you want to pursue a degree relevant to your job and advance your skills, consider employer sponsorship. Some companies offer it as part of professional development opportunities. Employer sponsorships are particularly common in fast-moving fields like architecture, data science, education, etc.
If you want to pursue this method of financial aid, identify what you want to study and research the potential expenses. Then, reach out to your HR department and check a sponsorship policy. If applicable, write an official letter requesting sponsorship and follow up.
Check out these pros and cons of employer sponsorship programs:
Pros | Cons |
---|---|
You get professional development and increased job security. | You won’t be able to enjoy job mobility because of your commitment to the employer sponsor. |
You don’t need to pay off the financial support. | You get limited freedom in making educational choices. |
If you are already struggling with student loan debt, you can find help. You may have debt collectors calling or sending letters constantly. SoloSuit can help you get rid of debt collectors and settle your student debts once and for all.
SoloSettle, powered by SoloSuit, can assist you with negotiating a debt settlement and repayment program. Our software sends and receives settlement offers until you reach an agreement with your lender or creditor. To learn more, check out this video:
Figuring out how to pay for college is a challenge. Consider all your options with their strong and weak sides. We recommend using student loans only if you’ve exhausted all the other ways to cover your educational expenses.
Luckily, alternatives aren’t limited — from the most convenient grants and scholarships to various programs and sponsorships. With some research and in-advance preparation, you can cover all your educational needs without student debt.
And if you are already dealing with the burden of student debt, SoloSuit is here to help you respond to debt collectors before and during a lawsuit and settle your debts once and for all.
SoloSuit makes it easy to fight debt collectors.
You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.
SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.
>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)
>>Read the MSN story about how SoloSuit can help you settle your debt
Here's a list of guides for other states.
Being sued by a different debt collector? Were making guides on how to beat each one.
You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now are are just look for support, we're here for you.
Is your credit card company suing you? Learn how you can beat each one.
Going to Court for Credit Card Debt — Key Tips
How to Negotiate Credit Card Debts
How to Settle a Credit Card Debt Lawsuit — Ultimate Guide
Need more info on statutes of limitations? Read our 50-state guide.
Why do debt collectors block their phone numbers?
How long do debt collectors take to respond to debt validation letters?
What are the biggest debt collector companies in the US?
Is Zombie Debt Still a Problem in 2019?
If a car is repossessed, do I still owe the debt?
Is Portfolio Recovery Associates Legit?
Is There a Judgment Against Me Without my Knowledge?
Should I File Bankruptcy Before or After a Judgment?
What is a default judgment?— What do I do?
Summoned to Court for Medical Bills — What Do I Do?
What Happens If Someone Sues You and You Have No Money?
What Happens If You Never Answer Debt Collectors?
What Happens When a Debt Is Sold to a Collection Agency
What is a Stipulated Judgment?
What is the Deadline for a Defendants Answer to Avoid a Default Judgment?
Can a Judgement Creditor Take my Car?
Can I Settle a Debt After Being Served?
Can You Appeal a Default Judgement?
Do I Need a Debt Collection Defense Attorney?
Do I Need a Payday Loans Lawyer?
Do student loans go away after 7 years? — Student Loan Debt Guide
Am I Responsible for My Spouses Medical Debt?
Should I Marry Someone With Debt?
Can a Debt Collector Leave a Voicemail?
How Does Debt Assignment Work?
What Happens If a Defendant Does Not Pay a Judgment?
How Does Debt Assignment Work?
Can You Serve Someone with a Collections Lawsuit at Their Work?
How Many Times Can a Judgment be Renewed in Oklahoma?
Does Debt Consolidation Have Risks?
What Happens If You Avoid Getting Served Court Papers?
Does Student Debt Die With You?
Can Debt Collectors Call You at Work in Texas?
How Much Do You Have to Be in Debt to File for Chapter 7?
What Is the Statute of Limitations on Debt in Washington?
How Long Does a Judgment Last?
Can Private Disability Payments Be Garnished?
Can Debt Collectors Call From Local Numbers?
Does the Fair Credit Reporting Act Work in Florida?
The Truth: Should You Never Pay a Debt Collection Agency?
Should You Communicate with a Debt Collector in Writing or by Telephone?
What Happens After a Motion for Default Is Filed?
Can a Process Server Leave a Summons Taped to My Door?
Need help managing your finances? Check out these resources.
How to Make a Debt Validation Letter - The Ultimate Guide
How to Make a Motion to Compel Arbitration Without an Attorney
How to Stop Wage Garnishment — Everything You Need to Know
How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)
Defending Yourself in Court Against a Debt Collector
Tips on you can to file an FDCPA lawsuit against a debt collection agency
Advice on how to answer a summons for debt collection.
Effective strategies for how to get back on track after a debt lawsuit
New Hampshire Statute of Limitations on Debt
Sample Cease and Desist Letter Against Debt Collectors
The Ultimate Guide to Responding to a Debt Collection Lawsuit in Utah
West Virginia Statute of Limitations on Debt
What debt collectors cannot do — FDCPA explained
Defending Yourself in Court Against Debt Collector
Arkansas Statute of Limitations on Debt
Youre Drowning in Debt — Heres How to Swim
Help! Im Being Sued by My Debt Collector
How to Make a Motion to Vacate Judgment
How to Answer Summons for Debt Collection in Vermont
North Dakota Statute of Limitations on Debt
ClearPoint Debt Management Review
Indiana Statute of Limitations on Debt
Oregon Eviction Laws - What They Say
CuraDebt Debt Settlement Review
How to Write a Re-Aging Debt Letter
How to Appear in Court by Phone
How to Use the Doctrine of Unclean Hands
Debt Consolidation in Eugene, Oregon
Summoned to Court for Medical Bills? What to Do Next
How to Make a Debt Settlement Agreement
Received a 3-Day Eviction Notice? Heres What to Do
How to Answer a Lawsuit for Debt Collection
Tips for Leaving the Country With Unpaid Credit Card Debt
Kansas Statute of Limitations on Debt Collection
How to File in Small Claims Court in Iowa
How to File a Civil Answer in Kings County Supreme Court
Roseland Associates Debt Consolidation Review
Do Debt Collectors Ever Give Up?
Can They Garnish Your Wages for Credit Card Debt?
How Often Do Credit Card Companies Sue for Non-Payment?
How Long Does a Judgement Last?
How Long Before a Creditor Can Garnish Wages?
How to Beat a Bill Collector in Court
Out Debt Validation Letter is the best way to respond to a collection letter. Many debt collectors will simply give up after receiving it.
"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather