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5 Ways To Lower Your Student Loan Debt

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While you’re in the midst of enjoying your college experience at The University of Texas at Austin, paying off your student loan may not be on the top of your list of things to worry about. But, it’s likely to be ticking in the back of your mind because you know it’s not going to go away on its own.

 

In the fall of 2021, the estimated tuition for 4 years at UT Austin was $48, 478 for Texas residents and $168,519 for out-of-state students. That’s a chunk of change! There are plenty of things you can do as a student at UT Austin that can help you pay off student debt as you go without compromising your student experience in the slightest! In fact, some of these things might even enhance your UT Austin experience on many levels:

 

 

1) Scholarships

While you may already be attending college on a scholarship or two, it never hurts to apply for more. And if not, keep trying! Every college campus offers college-specific and university-wide scholarships. UT Austin offers over 3,000 scholarships. Taking the time to apply for as many as you can could pay off greatly! The advisors or counselors in your college or department can help guide you toward scholarship opportunities. Plus, you’ll plenty more by clicking on this link:

Scholarship Finder

 

2) Community College

Consider taking some of your general coursework at Austin Community College or another qualifying community college. Depending on your school and major, a significant number of hours will transfer over to UT Austin. This can literally save you thousands of dollars! Plus, ACC offers summer classes which can help you earn your degree quicker so you can graduate early.

 

 

3) Debt Snowball

If you happen to have a job or other extra income coming in while you’re in school, stay diligent about chipping away at your debt. Start paying off your student loans as soon as you take them out. You’ll have significantly lower debt to pay off when you go out into the real world and get a job after graduation. One way to gain some momentum is to follow financial guru Dave Ramsey’s “Debt Snowball” protocol. You can start knocking out debt by paying off loans from smallest to largest. For more information go to: ramseysolutions.com

 

4) Live Off-Campus

Living in the dorms on campus is very pricey! Contrary to what you may have heard, it can actually be a lot cheaper to live OFF campus! There are tons of off-campus housing options with rent starting as low as $500/month – even in the iconic West Campus area. If you’re serious about taking out fewer student loans and getting a grip on your debt before you graduate, you’ll definitely want to consider living off-campus. Reach out to a Housing Scout agent today for help finding an affordable place to live.

 

5) Become A Housing Scout Agent

Not only can Housing Scout help hook you up with a great place to live while you’re in college, you might even be able to get a job doing the same thing for other UT Austin students. A Housing Scout agent can earn around $2,500/month in commissions with some go-getters earning as much as $5,000/month. This is one of the highest-paying part-time jobs for students in the area and a great way to earn money to throw at your student loan. For information and to apply, go to: https://housingscout.com/careers/

 

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