On Bauer Business Focus — A conversation on how to handle your personal finances with Andrew Schneider, business reporter for KUHF 88.7 FM.
As student loan debt nears the $1 trillion mark, many prospective college students are unsure, or do not have the skills, on how to manage personal finances to combat debt.
John Lopez, clinical assistant professor at the C. T. Bauer College of Business at the University of Houston, stopped by Bauer Business Focus recently to discuss how students can offset high loan costs by gaining a better sense of financial literacy.
“College tuition is increasing at a high rate,” Lopez said. “Doing things like going to community college, maybe taking some lower cost classes, can help to lower the burden. If they can cut two years off of a college program, that’s a significant contribution to the cost.”
While some may not be able to cut costs by getting ahead in their classes, Lopez suggests students look for other alternatives before applying for a loan.
“There are a lot of scholarships that are out there, and all students need to do is apply for them,” Lopez added. “Many go unclaimed because students don’t apply, so that’s a first place they can get college funding from. Next is maybe a part time job, maybe a work study program, resident adviser at the university, an internship — a lot of these areas can help you plan to pay for college and not be in debt as the first alternative.”
Click here to hear the full interview.