Globe University and Affiliates Release Guidelines on how College Students can Graduate with Less Debt

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Globe University, Minnesota School of Business and Broadview University have provided a list of five guidelines students can follow to minimize college-related debt.

Globe University Guidelines on Graduating with less debt
When borrowing money for education it’s critical to borrow as little as possible. Borrow for tuition, fees and books, not for consumables and rent.

Investing in one’s education could be the best investment someone can make—paying lifelong dividends. Indeed, according to the U.S. Census Bureau mean income increases as educational attainment rises. Annual mean income for graduates with high school diplomas or a GED is $33,136; associate degree $39,936 and bachelor’s degree $54,756.

But students can’t invest in education if funds aren’t available to them. That’s why the federal government makes educational loans available to those who don’t have cash to pay upfront.

Financial advisors generally agree that debt incurred while pursuing an education is considered “good” debt. According to Forbes, “Good debt is necessary and sustainable debt. A typical example of good debt is money that’s borrowed to go to school and prepare for a career—or to set up a business that will generate a future stream of income.”

When borrowing money for education it’s critical to borrow as little as possible. Borrow for tuition, fees and books, not for consumables and rent.

1. Take advantage of any tuition pricing deals the college has in place. If the price per credit decreases if students register for a certain number of credits, try to always register for that many credits or more. For instance, Globe University charges $460 per credit, but if a student enrolls for more than 10 credits per term the student pays $425 per credit. If a full-time credit load is 12 credits for an undergraduate student, that’s 48 credits per year (4 quarters). Forty-eight credits at $425 is $20,400, or a savings of $1,680 compared to a student taking 10 credits per quarter.

If a college does not charge additional tuition when registering for credits above a certain number, try to register for more credits to get them for free. For example, registering for 20 credits a term instead of 16 will result in four free credits. That saves the student $1,700 each term and a quicker path to graduation and a paycheck.

2. Don’t borrow for living expenses; work while in college. Because of the interest charged on student loans, any borrowed amount must be paid off with interest. A loan of $100 at 5 percent interest compounded over 10 years results in a total of $163 paid back. Therefore, $100 spent in 2013 becomes $163 after it’s paid off 10 years later. The debt grows to $198 if the money is borrowed the first year of a four-year program.

3. Apply for scholarships. Use these websites to search for available scholarships:

CollegeNet Mach 25:

NCAA Scholarships and Internships:

Scholarship Experts:

Scholarship Hunter:

Sallie Mae's Scholarship Search:

Sallie Mae Fund Scholarships:

Union-Sponsored Scholarships and Aid:

Students should never have to pay to search or apply for a scholarship or to apply for a scholarship. If a website asks for money, don’t use the site!

Many students hate writing essays for scholarship applications. But write them anyway. Every dollar earned through a scholarship means one less dollar that needs to be borrowed. For more tips on finding and applying for scholarships read these guidelines from Globe University.

4. Ask for financial help from parents and relatives. Some students could potentially turn to relatives for financial help. Uncle John might be glad to help out financially if only he was asked. Don’t leave any possible source of funds unexplored.

5. Live inexpensively. Live like a student while a student. Students don’t eat in restaurants. They don’t have big car payments or expensive sound systems. Students share apartments and buy inexpensive clothes. Buy fruit and vegetables that are in season – nothing exotic and expensive.

These measures may seem extreme, but every dollar not spent during college means $1.50 or more that does not have to be repaid!

Globe University, Minnesota School of Business and Broadview University are part of a premier, family-owned system of career colleges, universities and training centers based in Woodbury, Minn. These specialty-skills colleges prepare professionals for successful careers in a wide range of high-demand fields. Through its philosophy, We Care, the organization integrates hands-on education and applied-learning experiences that expose students to their communities and real-world situations. Programs offer undergraduate, diploma and graduate degrees in a wide range of career fields, including business and accounting, health sciences, legal sciences, technology, creative media and applied arts. More than 30 programs are available online. All academic programs are accredited by the nationally recognized Accrediting Council for Independent Colleges and Schools (ACICS). For more information, visit

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Gary Teagarden
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