Alternate Ways to Take Out a Student Loan

Student LoanThe average student owes $35,000 in student loan debt, according to the government.

With over $1.2 million in current student load debt, many young people are finding themselves financially overwhelmed once they graduate. Couple that with the struggle to find an adequately paying job, and you have the current state that this country is in.

To pay for college, students are either receiving federal financial aid or taking out a private/federal loan. These however, aren’t the only way to cover the expense of a four-year degree. Below are some alternatives that you can apply for if you don’t want to use the standard loan methods.

Peer-to-Peer Lending

Peer-to-peer lending has been rising in popularity. Everything from paying off debt to extra money, this platform is now becoming popular with student loans. How it typically works is the student or family requests a certain amount on a peer-to-peer lending website. Loans are funded by individuals that receive interest based on the credit score of the borrower.

Employers Cover Tuition

In many cases, companies will offer their employees tuition reimbursement. If you’re currently employed and are looking to go back to school, your employer may cover your tuition costs in order for you to move up in the company.

The Bottom Line

The costs of college aren’t for the weak of heart. With rising student loan debt occurring all around the country, families are looking for new ways to obtain loans, rather than going through private companies or the government.

Bio: Kuba Jewgieniew is the head of Realty ONE Group, a real estate brokerage firm that was rated one of the fastest growing companies in the country by INC. 500.