Last week I highlighted the new book by Alex Chediak called Beating the College Debt Trap. Today I wanted to relay one more helpful section from the book. Here’s how Chediak sums up what he wants us to take away from his work:

Eight Takeaways You Don’t Want To Miss

1. A bachelor’s degree is one of several options that can lead to a rewarding career. Before sleepwalking into a four-year college, make sure an associate’s degree or enrolling in a trade school isn’t a better fit for your talents and interests.

2. Being an informed customer is the best way to avoid spending a fortune on your education. Student loans should be a last resort, preferably limited to the last year or two of college, when you know you’re in the right major and graduation is clearly in sight.

3. When considering colleges, stick with a budget–the way you would when shopping for anything else. Consider what it will cost you, not just for one year, but all the way through graduation. Research the college’s financial aid track record students in your income bracket. Look for value–financial aid generosity and instructional quality. Don’t pay a fortune for prestige.

4. The phrase “financial aid” is nebulous. It can refer to grants (needed-based gifts), scholarships (merit-based; you must work to maintain), work-study (a job that pays hourly), or loans (which you’ll have to repay with interest). That’s why collegedata.com is a great site. It breaks down financial aid by category. Net price (list price minus scholarships and grants) is what matters. Work-study is a great because what you earn doesn’t raise your expected family contribution for the next year.

5. Choose a major that’s consistent with your interests and talents, but be mindful of your earnings prospects, particularly if you take out loans.

6. It is possible to earn most of the money you’ll need for college while you’re in college. It requires working smart–leveraging your skills, taking on internships and other kinds of strategic employment, and minimizing your expenses through planning and discipline.

7. Start looking for a full-time job in advanced of graduation. Prioritize identity capital in your search. Network, research your industry, and communicate clearly–always speaking to the employer’s interests–on your resume, cover latter, and interview.

8. Watch for housing and food expense after you graduate. Free up enough cash to make your student loan payments on time. Build a reserve of short-term savings so that unexpected expenses don’t kick you into credit card debt. As soon as possible, start throwing extra money at your loans to get out of debt faster (and save money by paying less interest).

Here’s another helpful set of advice from the new book by Alex Chediak called Beating the College Debt Trap.

What if you’re wondering if you should skip the college scene all the way? What else could you do? Here’s a couple options Chediak gives…

1. Get an associate’s degree in a strategic, marketable field.
In 2014, of the 18 million students in undergraduate programs, 7.3 million were at two-year colleges. That’s not terribly lopsided, but many of those two-year students don’t ultimately earn associate degrees. They just pick up credits on the cheap and, if all goes well, transfer them into bachelor’s degree programs – usually a smart, cost-saving move.
There’s nothing wrong with wanting a bachelor’s degree. It’s what I did, and it worked out great. But here;s the thing: Depending on what field you pursue, there may or may not be a job waiting on the other side. A 2010 report from Georgetown University economists predicted that future job openings for college graduates will be split roughly fifty-fifty between those requiring bachelor’s or advanced degrees and those requiring associate’s degrees or occupational certificates. But in 2012, bachelor’s degree recipients outstripped associate’s degree recipients by about 75 percent.

… Keep in mind that most people with an associate’s degree earn less than most people with a bachelor’s degree. So to earn a higher salary, you have to choose a strategic field (the health care ans technology sectors are strong). Also note that the figures in the previous paragraph are for recent graduates. Over the long run, bachelor’s degree recipients can experience large salary increases, depending on their industry and especially if they move into management. But it’s also true that an associate’s degree or some other advanced certificate. In the mean time, you’re out of school faster and earning real money sooner.

2. Learn a skilled trade.
While many college graduates struggle to find full-time work in their field, on the other side f the spectrum, we’ve got employers complaining that they can;t find enough people with the right skills to hire. Manpower Group, a North American – based multinational human resource consulting firm, conducts a massive annual survey to identify which jobs employers have the most difficulty filling. At the top of the list, for four years in a row (2010-2013), are skilled trade workers. Think electricians, welders, mechanics, HVACR technicians, and so on.

… So how do you get started in the skilled trades? Either at a trade school (a.k.a vocational school) or through a registered apprenticeship. Both combine classroom instruction with hands-on training, and with either, check them out thoroughly before enrolling. Some trade schools are affordable, accredited with the appropriate agency, and boast high graduation rates, top-notch instructors, and a stellar job placement record. It’s best if they grant an associate’s degree job placement record. It’s best if they grant an associate’s degree (such as an Associate of Applied Sciences) at the completion of their training. Others are expensive unaccredited, and have low graduation and job placement rates. Not surprisingly, these schools have higher student loan default rates.

Apprenticeships range from one to six years, averaging about four years. Most of the time apprentices earn while they learn. You’s want to choose from one of the twenty-one thousand or so registered prograns thoughout the country. The Office of Apprenticeship (OA) works in conjunction with independent State Apprenticeship Agencies (SAAs) to monitor the quality of these programs ensure the safety of some 350,000 participants. Their website is www.doleta.gov/oa.a.

On Monday I recommended the new book by Alex Chediak called Beating the College Debt Trap. The book is filled with helpful advice and practical wisdom, especially for the Christian student. For instance, here’s a helpful checklist…

Checklist for Getting a Degree Without Going Broke

1. Save what you can in advance. If you save money before college, the power of compound interest works for you, producing larger wad of cash with which to pay college costs. If you borrow money during college, compound interest works against you, as you have to pay back more that what you borrowed.

2. Know as much as you can about yourself and your chosen major before going to college. This awareness can help you avoid needless and expensive delays on the path to graduation. And it can motivate you to make the right professional moves during college to enhance your success after college.

3. Try to get your first year’s worth of credits debt-free (using AP or IB classes, community college, CLEP testing, less expensive online courses, and prior savings). If that’s not possible, limit yourself to no more than the subsidized federal loan (see Trap 5).

4. Don’t take out $10-$15K of loans each year just to say you attended a prestigious university. Instead, pick an affordable school of reasonable quality that accepts you (see Trap 3). Websites like CollegeData (www.collegedata.com) and the NCES College Navigatior (www.nces.ed.gov/collegenavigator/) let you compare the generosity and affordability of different colleges. Apply for financial aid early in the financial aid application cycle. With regard to quality, conciser the college;s academic cycle. With regard to quality, consider the college’s academic and the school’s relationship with prospective employers. Look at what the college offers in the way of Career Services and whether they have co-op program (discussed in Trap 6).

5. Alternatively, accumulate credits at multiple colleges (for example, by starting at a community college). But try to avoid taking duplicate classes or losing time waiting for specific classes. Depending on the sequence of courses required for fer, you may need just as much time to graduate (if course A is a prerequisite for course B, which is a prerequisite for course C, and so on).

6. Consider whether your parents or other realistic can contribute a donation or an interest-free loan to help with your college expenses. Go there before going to the government.

7. Delay any unsubsidized loans until the last year or two, when graduation is clearly in sight. Avoid borrowing more than half your anticipated salary and stay below the cumulative limit on federal loans. Yes, this is possible!

8. Avoid private loans like the plague!