A college degree is a lot more than just an exciting milestone; it’s a springboard toward a brighter future that can enhance your career opportunities and boost your earning potential.

It is, however, a huge financial investment. The average annual cost of college per student is estimated to be more than $38,000. And the average federal student loan debt per student is more than $39,000. That leaves students and their families with a pressing question: How can you afford it?
Well, you can’t control tuition rates and fees, but you can take some steps to lower the cost of college – and the amount you have to borrow. Here’s how:

1. Set a budget. Determine how much you can realistically afford. One guideline is that you shouldn’t borrow more than the annual salary you will earn in your first year out of college
2. Apply for financial aid. From grants and scholarships to loans and work study, federal aid can help make college more affordable. To apply, you’ll need to complete the Free Application for Federal Student Aid (FAFSA)
3. Apply for other scholarships and grants. Looking for free money to go toward college costs? There is a wealth of scholarships and grants offered by private organizations. Tip: Liberty Bank offers scholarships. Keep an eye out for details each spring.
4. Go the community college route. You can significantly reduce college costs by attending a community college for the first two years and then transferring to a four-year school. Another option is to dually enroll in college-level classes in high school to earn credits and reduce your college courseload and costs.
5. Take a gap year. Taking a year after high school to work and earn money is a great way to build up savings for college.
6. Work during school. A part-time job, work study, or a side hustle during college can help you earn money that can be used toward college expenses. You could also attend school part-time and work. It may take you longer to get your degree, but it will make college costs more affordable.
7. Become a resident assistant (RA). Colleges offer discounts or free housing for RAs that will cover or reduce the cost of room and board.
8. Shop around for private loans. If you need to make up the difference between the cost of attendance and financial aid, you can apply for a private loan with a financial institution or non-profit organization. Rates vary significantly from lender to lender, so be sure to shop around. Learn about private student loans from Liberty Bank through a partnership with College Ave.

In short, college is expensive, but it is a sound investment in your future. Taking steps to reduce the cost of college can reduce the amount you have to borrow and free you up to reach other goals in the future.