On Becoming Debt-Free

I need to start posting these titles in Latin. Anyway--two articles on being debt free.

The first, for the college-bound:

Meet Zac Bissonnette, a graduate of the University of Massachusetts and the author of the book Debt-Free U: How I Paid For an Outstanding College Education Without Loans, Scholarships, or Mooching Off My Parents. Bissonnette's tale is an eye-opening one – and a must-read for students looking to save every penny they can on tuition.

The cost of higher education is rising – even as the economy remains a tailspin. The average four-year cost for a top-flight school like Harvard or Stanford is almost $200,000. And even a solid state school like UCLA or the University of Michigan will set students back almost $100,000.

So how did Bissonnette come out ahead?

Let's take a look at Bissonnette's results and what he was (or wasn't) working with. He graduated with no student loan debt, no financial support from parents and no scholarships. Or, as the author describes it in explaining his book:

"[This book] is for families who can find fifteen dollars per week in cost cuts…and students who are willing to work hard — thirty hours per week, on average, including vacations — college is affordable: without any savings, student loans, Parent PLUS loans, retirement looting, organ sales, or heroin dealing."

Bissonnette touts some simple concepts, but concepts that might have gone out of style in recent decades. He advocates picking a cheaper state school than an expensive private one; working up to 30 hours a week while you're at school to help pay the freight; and a "no excuses" mentality that stresses hard work, studying and keeping ahead of your academic workload...

Of course, you should go for an awesome Catholic education anyway, but the book should be useful.

And on what NOT to do to get out of debt and have a good credit score:

Your credit score can range from 300 to 850 — the higher, the better. Most articles about credit scores focus on how you can improve your score to get approved for loans and get the best possible interest rates from lenders, but here, we're going to take the opposite approach and tell you how to achieve the worst credit score ever.

If any of these behaviors apply to you, watch out — you're in the process of doing some serious damage to your financial reputation...

You, of course, follow any advice linked here at your own risk (but if you benefit, send money!)