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When making big financial decisions, always start by weighing costs and benefits. Taking on debt to finance your education may be a necessity, but it does have consequences that may not be as apparent today as it would be fifteen years from now when you might still be paying it back and questioning what you got for the money.

If having your parents foot the bill for your tuition and living expenses is out of the question, here is a major thing to consider before taking out a big loan: starting salaries for a college graduate with a liberal arts degree is between $35,000 to $40,000 per year, and generally rises about one to eight percent per year from there.

When you're starting out with practically no income, $30,000 or $40,000 a year might sound like a lot of money. But consider this: you'll pay about one third of your salary in taxes. After paying for living expenses, there will be little, if any, left towards paying off your loans. In fact, many college graduates with full time jobs continue to pile on debt for several years after graduation to make ends meet.

It's best to take the loan route as a last resort. Here are some suggestions to get a four-year college degree, and have little to no debt upon graduation:

- Apply for scholarships: Be the best student you can be in high school to qualify for the best scholarships. There are thousands available, each with different qualifications that must be met. Asks your guidance counselor, go online or take a trip to the library for assistance. Scholarships can range from $100 to the full cost of tuition at even the most prestigious and expensive universities.

Costs: Fees of around $0 to 25+ per application.

Benefits: From $100 to the full cost of tuition+.

- Go to a state or city university: If your parents have to mortgage their house and their retirement to fund your education at an Ivy League School, then it's probably not worth it. The cost of an Ivy League school averages about $30,000 per year, whereas a city or state education averages under $5000 per year. Going to an Ivy League university may be prestigious, but is it worth mortgaging your family's and your own financial future for it. Consider that a degree, whether from an Ivy League or a local university, comes with no guarantees; your future income may not be enough to pay off your loans within ten years after graduation.

Costs: Prestige

Benefits: Affordability; little to no debt upon graduation.

- Apply for student grants: There are government grants such

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