The marketing junior relies on federal financial aid to cover tuition and housing, gets a little help from home, and has a campus work-study job. Ā Heā€™s on track to finish his undergraduate degree with less than $7,000 in student loans outstanding.

ā€œIā€™m really grateful that Iā€™m not graduating with a ton of debt,ā€ said Nelson, 21, who is the first in his family to go to college. ā€œI know people in their 40s still paying on student loans. Even though I have some debt I know I can pay it back very quickly because it is such a small amount. I most definitely will pay if off extremely quickly.ā€

But what of the alarming news students hear about the rising cost of college nationwide and how some graduates are crushed under the burden of large debt? It turns out that is not the story at UCF.

Federal statistics indicate that in the United States 42 million people owe $1.3 trillion in student-loan debt. The average student owes about $37,000 upon graduation, but in breaking down the numbers, most of that debt is concentrated among borrowers attending for-profit and non-selective institutions.

At UCF, where one out of every four students is a first-generation attendee, students graduate with some of the lowest debt in the nation. Almost half (44 percent percent) graduate with no debt. Of those who do incur debt ā€“ including those who transferred to UCF carrying some student loans ā€“ the average is $22,000. Thatā€™s about half the debt of graduates at for-profit institutions.

Those numbers help to explain why UCF is consistently ranked among the nationā€™s best values by Kiplinger and The Princeton Review. As one of the largest universities in the country with 64,000 students, UCF is ranked among the top 100 public universities nationwide by U.S. News & World Report.

UCF students such as Nelson say they feel they are borrowing smartly while earning a degree, and taking on less college-related debt as a result. Nelson, for example, borrowed $3,000 during his freshman year for living expenses and tuition. Ā He took out two loans for $2,000 each over the past year to cover his living expenses, partly because he missed the early deadline to apply for financial aid, he said.

ā€œI just wasnā€™t paying attention,ā€ Nelson said. ā€œItā€™s not like UCF didnā€™t tell me, either. There were a bunch of emails and reminders. So I missed out on a lot of money,ā€ he said.

Alicia Keaton, director of the Office of Student Financial Assistance, said she asks students to file the Free Application for Federal Student Aid (FAFSA) early — by December — in order to improve the chances of receiving the financial aid for the following Fall semester.

When thatā€™s not enough help, UCF has a program called A2O (Access to Scholarship Opportunities) that allows students to apply for a host of campus-wide scholarships using one application. Some 14,000 students used the service last year.

Keatonā€™s office advises students with two major tips: Only borrow what you need, and total student loans should not exceed half of your expected annual starting salary.

While here, students can take advantage of UCFā€™s Ā¢ent$ible Knight$ program, which started in 2015 to teach financial literacy. Through 10 university services, including the Student Academic Resource Center, the Career Services Office and the FAIRWINDS Credit Union, students receive coordinated-debt counseling and materials to help them make the best financial choices. Keaton said she sees more students making the most of work-study jobs and scholarships, which, along with sensible spending, helps keep borrowing low.

And graduating is important. The majority of UCF alumni who earned a bachelorā€™s degree with no debt or less than $10,000 debt later reported higher levels of financial well-being. A degree also increases income-earning potential by 66 percent. Students who graduate rarely default on student loans, too.

Nelson said he benefited from the good advice from Student Financial Services early in his college years, which he credits with helping him learn the basics ā€“ apply early through FAFSA, borrow only what you need, seek out work-study jobs on campus, and make the most of any scholarships available.

Last year, Nelson held a work-study job at the FAIRWINDS Alumni Center. Now, he works for Briant Coleman, assistant vice president for communications and strategic initiatives. The pay from his work-study job, he said, will cover the costs of studying abroad this summer in Verona, Italy.

ā€œI tell people to be aware of all the school has to offer and the requirements for financial aid. Donā€™t miss priority deadline. When you get those emails, read them in full, donā€™t just skim them,ā€ he said.

Still, heā€™s thankful about his experience at UCF even though he has debt ā€“ because his education is a long-term investment.

ā€œThe truth is Iā€™m so fortunate,ā€ said Nelson. ā€œIā€™m in college and Iā€™m going to study in Italy this summer. Itā€™s only my second time flying anywhere. Itā€™s happening because Iā€™m in school and I have these opportunities. I know Iā€™m in a good situation and all of this is worth it.ā€

He owes $3,500 in student loans, and heā€™s working on paying that off before he graduates.

All of which makes Nelson a rare national statistic, but much more common at UCF: He expects to graduate with little to no debt.

ā€œI donā€™t want to pay for college later,ā€ he said. ā€œI want to take care of it as I go.ā€

Nationally, about 43 million Americans owe nearly $1.3 trillion in student loans. In 2016, the average undergraduate will carry some $37,000 in student-loan debt.

Florida undergrads are in better shape than those around the nation. For the 2014-15 academic year, undergraduate students had some $25,000 of debt upon graduation.

At UCF, the news is even better. Forty-eight percent of undergraduates carry no debt upon graduation. For those who do incur debt, the average amount is $21,824.

Those numbers help to explain why UCF is consistently ranked among the nationā€™s best values by °­¾±±č±ō¾±²Ō²µ±š°łā€™s and The Princeton Review.Ā  As the second-largest university in the country with more than 63,000 students, UCF is ranked among the top 100 public universities nationwide by U.S. News & World Report, is number 20 for best online programs, and is ranked 13th — alongside Stanford and MIT — as most innovative.

ā€œUCF makes excellent financial sense,ā€ said Maribeth Ehasz, vice president for Student Development and Enrollment Services. ā€œWe offer a high-quality education with talented faculty members, and we work hard to keep studentsā€™ costs low. Students are our priority and our staff works one-on-one to help them earn their degree without a heavy debt burden.ā€

Ask for Help

Nelson said that as an incoming freshman he took out loans to cover tuition and living expenses. The costs worried him and his parents, who see even a few thousand in debt as a negative. So, working with director of student finance Alicia Keaton since his sophomore year, Nelson managed to squeeze by without more debt after securing enough money in federal grants and a campus work-study job at the Alumni Center. He has had a variety of off-campus jobs to help him pay for living expenses.

ā€œRight now, Iā€™m in good shape,ā€ said Nelson, a first-generation student from Fort Lauderdale. He said Keaton taught him how to be more savvy about applying for aid, helped him get a work-study job that covers $2,000 a semester and to seek out grants.

ā€œSo many things I didnā€™t know about that if I had known my first year here, I would have done things differently,ā€ he said.

But what about UCFā€™s education?

ā€œIā€™ve made so many contacts here, people who advise me or suggest I apply for this internship or that one,ā€ said Nelson, whose campus job is at the Alumni Center. ā€œMy experience, the faculty and people who have helped me, itā€™s been invaluable.ā€

In fact, Nelson plans to stick around even after he receives his bachelorā€™s degree in marketing.

ā€œIā€™m not leaving before I get my masterā€™s,ā€ he said. ā€œI keep telling my mom, ā€˜Yes, Iā€™m graduating in two years, but donā€™t forget, I want to study two more.ā€™ā€

The Push: Financially Literate Students

Keaton, whose office serves thousands of students each year as they maneuver the complexities of financial aid, said she knows students are overwhelmed. The reams of forms they must fill out before first arriving on campus can be daunting, Keaton said, but her office assists to make things manageable. For some, especially first-generation students like Nelson, thereā€™s no one at home who has the experience to guide them through the process of applying for aid.

ā€œItā€™s a lot for some students. Some are terrified of debt. Some take on too much debt,ā€ said Keaton. ā€œWe are always trying to find better ways to help them manage the cost of their education. I tell them that debt is not always bad, it just has to be properly managed.ā€

And, she added, ā€œNever borrow more than you need.ā€

To help educate students, UCF launched in 2015 the program establishing the universityā€™s biggest push to date to help students stave off debt. The effort has become the beginnings of a community-wide financial-literacy network accessible to students from high school to graduation.

Through the program, UCF counselors established an outreach effort with Maynard Evans High School in west Orange County, teaching financial literacy to high school seniors. In addition, 10 university services, including the Student Academic Resource Center and the FAIRWINDS Credit Union as well as the Career Services office joined the program, each providing similar debt counseling and materials to students.

ā€œWe needed to have a unified message so we didnā€™t confuse students as they went from one program or service to another,ā€ Keaton said. ā€œWeā€™re on the same page now.ā€

Centi$ible Knight$ launched a website, too, that offers information, webinars, life skills classes and more to help students with financial literacy. Although itā€™s still in its infancy, the site has had more than 8,000 visitors and more than 200 students have successfully completed online financial courses on the site.

ā€œItā€™s a start,ā€ said Keaton, adding that the university now has a financial literacy committee and a financial literacy network that seek to educate the student body and encourage more engagement.

Using the website and the tutorials, the university targeted a number of student groups who might need more help with financial aid. Among them are: transfer students with more than $15,000 in debt; students enrolled less than full-time borrowing the maximum on Stafford Loans; incoming students who attend orientation; and first-generation students. The hope is that the university can work with the target students and help them keep costs down.

Ā ā€˜Some of them are advising their parentsā€™

Professor Paul Gregg is the assistant chair and director for the Department of Finance at UCF. He teaches four finance courses, including the popular sophomore-level Personal Finance and Investments (FIN 2100). While teaching some 1,000 students each year, heā€™s learned his class goes far beyond a college credit.

ā€œIā€™m teaching a life skill they desperately need,ā€ said Gregg, who estimates some 12,000 students, two-thirds of them non-business majors, have taken his course. ā€œItā€™s A to Z all they need to know to manage their financial future.ā€

Which sometimes makes the retired CFOā€™s class the first lesson some students get in financial literacy.

ā€œFrom my corporate background, I saw a need to improve the financial literacy skills of our workforce,ā€ he said. ā€œThis class is applicable to every aspect of their lives. It became very popular and just grew from there.ā€

What he found is that many students donā€™t understand how debt works, or how quickly you can find yourself with too much of it.

ā€œPersonal finance is actually microeconomics for the individual,ā€ said Gregg, whose course covers student-loan debt, 401(k) strategies, stocks and bonds, real estate and retirement. ā€œThe (lending) system is geared to give people more rope than they need which is unnecessary. Once they take my class, some of them start advising their parents.ā€

Gregg said that as far as student loans, he gives them this advice: ā€œStudent debt is available regardless of your major. However, it takes income to repay debt, and the starting salaries of each major can vary materially. Thus, avoid debt if possible, and if you do have to borrow, never borrow more than half of your starting salary.ā€

Never Take On More Debt Than You Need

Keaton, Gregg and others say one of the biggest concerns they have about students taking on debt is that if they donā€™t understand that financial aid has limits, they might run out of money before they graduate. The overall maximum a dependent undergraduate student can borrow toward a four-year degree is $31,000, said Keaton. Independent undergrads can borrow more, up to $57,500.

ā€œI see students who take out the maximum in financial assistance at, say, their community college, and then they realize theyā€™re not eligible for more by senior year,ā€ she said. ā€œThere are limits to how much you can borrow.ā€

Al Jonnas Alday graduated this summer with a bachelorā€™s degree in business administration. At 32, the native of the Philippines worked full-time, lived with his parents in Orlando and only used the financial aid he needed.

Heā€™s graduating with $11,000 in debt.

ā€œI think the best way (to keep debt low) is to take advantage of community college,ā€ he said, which helped him keep down the cost of his first two years of college.

After that, he said, get information. Many students can qualify for things like scholarships, grants and other assistance.

ā€˜Tremendous Support at UCFā€™

Hieu Pham, 22, of Orlando graduated this summer in electrical engineering with about $6,000 in student loans. As a transfer to UCF in his sophomore year, he took advantage of tuition scholarships granted through ROTC.

ā€œThe ROTC offered scholarships for electrical engineering students at UCF. I competed for the scholarships and I got one,ā€ he said. ā€œIt was a huge relief for me.ā€

He is now a lieutenant in the Air Force stationed at Lackland AFB in Texas. Heā€™s grateful his debt is so small.

ā€œI can look ahead to my future and not worry,ā€ said Pham. ā€œUCF was good to me. And Iā€™m relieved I could finish with very little to pay back.ā€

Alicia Keaton, director of the Office of Student Financial Assistance, states, ā€œUCF is dedicated to helping students be successful in all aspects of their lives. Therefore, we want to ensure students have the resources needed to make informed financial decisions.ā€

The Office of Student Financial Assistance recently launched the Ā¢ent$ible Knight$ program website: . The website includes online tutorials for students to learn more about financial topics such as healthy spending habits and student loan management.

To learn more about being a Ā¢ent$ible Knight, visit: .

Every year students across the nation go online to submit the Free Application for Federal Student Aid (FAFSA). Typically, many students procrastinate. Some donā€™t even bother filling it out. But putting off or skipping the application can cost families money and delays.

ā€œI have never understood why some families choose not to complete the FAFSA,ā€ said Alicia Keaton, UCF’s new director of student financial assistance. Ā “Parents will tell me that they won’t qualify for aid. Ā My response to them is, ā€˜How do you know?ā€™ Ā If you do not qualify for need-based funding, you could qualify for low-interest federal student loans.

ā€œIf after receiving the award letter, you decide you do not want to borrow federal student loans, you can always decline them. Ā That’s a decision best left with the student and family. The worst mistake is not to fill out the form.ā€

The FAFSA is used by most colleges and universities to determine whether students are eligible for federal, state and college-sponsored financial aid, including grants, educational loans and work-study programs. Students are required to fill out the application each year if they want to continue receiving financial aid, even if they qualified the prior year.

The U.S. Department of Education uses the form to conduct a ā€œneeds analysisā€ based on financial information, including a parentā€™s income. And thatā€™s why a lot of parents assume they wonā€™t qualify.

But Keaton encourages all students to fill out the form and to do it early. Hereā€™s why:

According to the official FAFSA website, ā€œNearly every student is eligible for some form of financial aid, including low-interest Federal Stafford and/or parent PLUS loans, regardless of income or circumstancesā€ as long as the student meets some basic requirements.

Those requirements, which are outlined in full on the FAFSA website, include but not limited to:

Because the application can be intimidating the first time, UCF has borrowed ā€“ with permission ā€“ a video to show students how to fill out the FAFSA step-by-step.

Students and families should plan to spend at least three hours to fill out the form once they have all of the necessary documents in hand.