{"id":18,"date":"2011-12-01T04:47:28","date_gmt":"2011-12-01T04:47:28","guid":{"rendered":"http:\/\/www.patheos.com\/blogs\/whatsheread\/?p=18"},"modified":"2011-12-01T04:47:28","modified_gmt":"2011-12-01T04:47:28","slug":"debt-free-u-how-i-paid-for-an-outstanding-college-education-without-loans-scholarships-or-mooching-off-my-parents","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/whatsheread\/2011\/12\/01\/debt-free-u-how-i-paid-for-an-outstanding-college-education-without-loans-scholarships-or-mooching-off-my-parents\/","title":{"rendered":"Debt Free U: How I Paid for an Outstanding College Education without Loans, Scholarships, or Mooching Off My Parents"},"content":{"rendered":"\n<\/head>

\u00a0<\/p>\n

Last week, David French discussed how college \u2014 with its sky-rocketing costs \u2014 may not be the right answer for everyone<\/a>.\u00a0 This week, we talk to those high school students (and their parents) who want to pursue higher education about how to do college right\u2026\u00a0 without debt!<\/p>\n

Zac Bissonnette, author of the new book Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching Off My Parents<\/a><\/em> is starting a new trend that Adam Daniels of the Huffington Post is calling \u201cDebt Sexy<\/a>:\u201d<\/p>\n

\u201cI think there\u2019s a problem in thinking that college has to be the best four years of your life,\u201d Bissonnette said. \u201cWell, if the best four years of your life puts you in so much debt that you can\u2019t pursue the career that you want, you can\u2019t have a family, you can\u2019t buy a house, then that\u2019s the worst four years of your life.\u201d<\/p>\n

Okay, so he\u2019s got your attention.\u00a0 Don\u2019t hold it against him that he\u2019s a senior at the University of Massachusetts, Amherst majoring in art history.\u00a0 Somebody has to study art history, after all.<\/p>\n

So why listen to him?<\/p>\n

He\u2019s living proof that you can get a good college education without going into years of debt \u2014 creating those \u201cgolden handcuffs\u201d many of you are bound with as you trudge to the office to pay off those student loans.\u00a0 He argues that the diploma eventually hanging on your kid\u2019s wall might potentially sabotage their entire financial futures.<\/p>\n

Another reason to listen to this 22 year old is that he\u2019s also a personal finance expert (at Daily Finance) who\u2019s researched this subject for years. (Yes, even in high school.\u00a0 Investment expert Andrew Tobias called him \u201cDoogie Howser meets the boys of Facebook.\u201d) Though the book is written in a fun, conversational tone, he also includes hard data that\u2019ll help you make better decisions about your kids\u2019 futures by debunking certain myths:<\/p>\n

1.\u00a0 \u201cStudent loans are NOT a necessary evil. Ordinary middle class families can- and must-find ways to avoid them, even without scholarships.\u201d<\/p>\n

2.\u00a0 \u201cCollege \u201crankings\u201d are useless-designed to sell magazines and generate hype. If you trust one of the major guides when picking a college, you face a potential financial disaster.\u201d<\/p>\n

3. \u201cThe elite graduate programs accept lots of people with non-elite bachelors degrees. So do America\u2019s most selective employers. The name on a diploma ultimately won\u2019t help your child have a more successful career or earn more money.\u201d
\nHe says parents shouldn\u2019t take out student loans to pay for their children\u2019s college, but goes further to say students shouldn\u2019t either.\u00a0 In fact, it\u2019s one of the worst things a student can do.\u00a0 Why does he make this claim, when 2\/3 of college students today have borrowed to get there?<\/p>\n

He writes<\/a>:<\/p>\n

\u201cA 1998 Nellie Mae study<\/a> found that 38 percent of student loan borrowers reported that their debt had prevented them from pursuing grad school. With the bachelor\u2019s degree opening far fewer doors than it once did, graduate school will be a necessity for an increasing percentage of students: save your borrowing capacity for grad school.<\/em><\/p>\n

\u201cAlso according to that Nellie Mae survey, \u201cIn 1997, 40 percent of borrowers said that their debt had caused them to delay buying a home. . . 22 percent said that their student loans had caused them to delay having children.\u201d And remember: That was in 1998, when students were borrowing far less to pay for college than they are now.<\/em><\/p>\n

\u201cA 2007 study published by the National Bureau of Economic Research found that \u201cdebt causes graduates to choose substantially higher-salary jobs and reduces the probability that students choose low-paid \u201cpublic interest\u201d jobs.\u201d<\/em><\/p>\n

\u201cAnd remember: Those are outcomes related to the sacrifices borrowers must make when they do make their loan payments. Borrowers who fail to make their payments can have their financial lives literally permanently ruined by the consequences of default.\u201d<\/em><\/p>\n

So what\u2019s a parent to do? His book\u2019s main theme is that \u201cif you pick an affordable school, live within your means and work during college, college without loans, financial aid or parents looting home equity or retirement accounts is within reach.\u201d<\/p>\n

Don\u2019t believe him?\u00a0 He broke down the calculations<\/a> at Daily Finance in an article called \u201cYes, College Without Loans is Possible<\/a>.\u201d<\/p>\n

However, this plan is not for the weak-willed as it requires diligence, short-term sacrifice and tight budgeting.\u00a0 Bissonnette encourages students that the long-term goal \u2014 of graduating debt free \u2014 is worth it, even if the journey is tough. \u201cWhether this plan will work for your family depends on your character: are you willing to buck the culture of self-indulgent consumerism and short-sightedness and put your child\u2019s best interest ahead of your desire to see them go to a fancy college and impress the neighbors? If you will make that commitment now, I promise you one thing: Debt-free graduates have much better lives.\u201d<\/p>\n

\u00a0<\/p>\n

Book: <\/strong>Debt-Free U: How I Paid For An Outstanding College Education Without Loans, Scholarships, Or Mooching Off My Parents<\/a><\/em><\/p>\n

By: <\/strong>Zac Bissonnette<\/em><\/p>\n

Buy it: <\/strong>here<\/a><\/em><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Last week, David French discussed how college \u2014 with its sky-rocketing costs \u2014 may not be the right answer for everyone.\u00a0 This week, we talk to those high school students (and their parents) who want to pursue higher education about how to do college right\u2026\u00a0 without debt! Zac Bissonnette, author of the new book […]<\/p>\n","protected":false},"author":32,"featured_media":20,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nDebt Free U: How I Paid for an Outstanding College Education without Loans, Scholarships, or Mooching Off My Parents<\/title>\n<meta name=\"description\" content=\"  Last week, David French discussed how college -- with its sky-rocketing costs -- may not be the right answer for everyone.\u00a0 This week, we talk to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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