Being debt-free post-graduation is my goal. Any recommendations for colleges where students tend to graduate with a smaller debt load? I've heard scary stories about student loans and I really want to avoid that.
There are many colleges with generous financial aid programs, strong merit-based scholarships, or a commitment to low or no-debt degrees that you may want to look at.
Princeton University is known for its no-loan policy, whereby it meets 100% of demonstrated financial need for all admitted students with a package that doesn't include student loans, only grants that don't need to be repaid. Similarly, schools like Harvard and Yale have strong financial aid programs that don't require families making under certain income thresholds to contribute to tuition costs. This can greatly reduce the overall debt a student graduates with.
Public colleges and universities often carry lower sticker prices for in-state students, which can reduce the need for loans. Colleges like The University of North Carolina at Chapel Hill and The University of Florida are known for their comparatively low costs and for meeting a high percentage of demonstrated financial need for in-state students.
There are also colleges known for generous merit-based scholarships. For instance, The University of Alabama and the University of Kentucky are two that offer very large scholarships based on GPA and test scores.
Just remember: It's also important to consider the net price of a college, which is the cost of attendance (including room, board, and fees) minus any gift aid like scholarships or grants. You can use a school's online Net Price Calculator for an estimate of how much you would end up paying.
Lastly, many colleges have payment plans that allow students to pay their tuition in monthly installments throughout the year, which can ease the financial burden and possibly reduce the need for loans.
It's wonderful that you're being proactive about managing potential debt. I hope this information helps guide your college search!
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