Picking a college is a big decision, and as graduation gets closer you might wonder how you’ll pay for it (outside of savings, grants and scholarships). For many, student loans play a big role in funding their higher education. In fact, in the US, the cost of a college education is the second-largest household expense — behind buying a house. This is in part due to the rising cost of college. In the past decade, the cost of college has increased by more than 25%. Graduating with a mountain of debt can make starting the next chapter more difficult. The good news is there are solutions for reducing student loan debt that can help you minimize the amount you take on.

9 Solutions for Reducing Your Student Loan Debt

1. Choose Your School Carefully

The price tag of your dream school might not be worth the cost. Before you choose a school, be sure to compare the costs and academic programs. You can reduce student loans dramatically if you consider going to a community college to take care of general education requirements before going to a university.

2. Live at Home

Although living at home means you’ll miss out on the on-campus living experience, you’ll dramatically reduce your expenses. Just think of how much money you’ll save by not paying on-campus room and board. The average cost of room and board per year is $8,887 for public colleges and universities and $10,089 for private colleges and universities.

3. Become a Resident Assistant

If living at home isn’t an option, look into your school’s resident assistant (RA) program. In general, RAs act as on-site resources for other students living in the dorms. RAs are able to minimize costs associated with living on campus by receiving free room and board. Many schools even provide a monthly stipend as a bonus for personal expenses. You’ll take on more responsibility but reduce the amount of loans you’ll need.

4. Get a Part-Time Job

Having a job while in school can be tricky, but can also be a helpful solution for paying for college on your own while you’re still in school. You’ll need to find a job that will work around your class schedule. But the money you make from your job can be used to reduce your student loan debt, covering living expenses or tuition payments while you’re still in school.

5. Stick to Your Graduation Timeline

Changing your major multiple times can extend your graduation timeline and add years of study. The more years it takes you to finish your degree, the more debt you’ll have.

6. Borrow Only What You Need

It may be tempting to borrow more than you need. Before you borrow, figure out exactly how much you’ll need to borrow for tuition, books, room and board, etc. It’s also a good idea to know how much you’ll repay. Creating a budget and knowing how much you’ll be repaying helps create awareness of how much debt you’ll have in several years.

7. Pick Loans Wisely

Interest rates vary. Before you take out a loan, be sure to take advantage of loans with lower interest rates. Private loans generally have higher rates and may allow compounding. Federal loans can be more attractive than private loans. Interest rates can increase your overall expenses over time if you don’t choose carefully. You can reduce student loan debt by a significant amount by taking the time to understand what rates you’re applying for.

8. Pay Interest on Unsubsidized Loans

Paying interest on unsubsidized loans while you’re in-school or during grace periods can help prevent your loan amount from growing.

9. Save on Textbooks

Tuition and room/board aren’t the only college expenses you’ll have. Depending on your classes, the cost of textbooks can quickly add up, especially if you buy new. Recent information from College Board found students spent approximately $1,290 on textbooks and supplies per year. Buying used textbooks or opting for a digital version can help reduce costs. You can also check the school’s library to see if required books are available for check out or on reserve. Resell your books at the end of the semester to recoup some of your money.

Plan for the Future

Heading off to college is an exciting time but figuring out how to pay for it can be stressful. Your local Farm Bureau agent or advisor can help you develop a college funding strategy. Connect with an agent or advisor today.