It is nearly impossible for college students to walk away with their two-year or four-year degrees without some sort of debt. When you compound that with the fundamental problem of credit card debt, young Americans just starting out can be buried in bills before they cross the stage to receive their diplomas.
With that in mind, America’s Wealth Coach Deborah Owens shared her top tips to help undergrads manage debt while in college and presented a few tactics that parents, as well as students, should implement to offset the cost of higher education during this week’s installment of NewsOne Now’s WealthyU.
Owens explained that incoming college freshmen should take advantage of advanced placement courses that allow students to acquire college credit. This will help them cut the cost of college by allowing them to bypass some prerequisite classes.
According to the financial guru, the average African-American college student has accumulated approximately $30,000 in debt when they come out of college, as opposed to $11,000 of debt for their White counterparts.
Owens also listed the following tactics as ways to reduce college costs:
- Take AP classes
- Community college classes
- Online college courses
- Apply for scholarships
- Attend community college first
- Utilize tuition reimbursement programs
Watch Roland Martin and America’s Wealth Coach Deborah Owens discuss how to manage college debt in the video clip above.
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