How much do you owe in Student Loans and how can you minimize it?
College is not cheap. In fact, the cost just seems to keep going up and up. Very few people can actually pay for the entire cost of college out of pocket. Students look to financial aide, grants, scholarships, and loans to pay for college. Student loans are one of the most common ways to pay for college and most college students graduate with student loan debt.
How much are your student loans worth? Did you graduate with a lot of debt? When you went looking for loans, the first loan you got was probably the government Stafford Loan because of the low rate. If you have financial need, you can get the Subsidized Stafford Loan which allows you to not pay interest on it while you are in college.
After government loans, you can look for student loan services, get a personal loan, take out a second mortgage, or use credit cards. I would recommend against the second mortgage or credit cards. If you are desperate enough to take out a second mortgage, you should look for a cheaper school.
If you still can't manage to pay for college, consider going to a cheaper school. Cheaper doesn't necessarily mean worse. State schools are cheaper because they also get money from the government, but they are no less quality.
How can you use less loans? The best way to minimize student loan debt is by by not taking out loans in the first place. Unless you are a super genius and feel you must go to an Ivy League school, go to one of the top state schools and save a lot of money.
You can save even more money if you go to a community college first then transfer. Community colleges are even cheaper and you'll also save money on room and board because you'll be commuting.
You can also save a lot of money by commuting to school. You might find that living in residence halls or dorms isn't all they are cracked up to be anyway. Commuting can save you a lot, especially if you live close by and don't have to pay much gas.
Finally, if you want to help pay for college, get a job. Get a part time job while you are in school and a full time job over the summer to help take a big chunk out of your tuition.
How much are your student loans worth? Did you graduate with a lot of debt? When you went looking for loans, the first loan you got was probably the government Stafford Loan because of the low rate. If you have financial need, you can get the Subsidized Stafford Loan which allows you to not pay interest on it while you are in college.
After government loans, you can look for student loan services, get a personal loan, take out a second mortgage, or use credit cards. I would recommend against the second mortgage or credit cards. If you are desperate enough to take out a second mortgage, you should look for a cheaper school.
If you still can't manage to pay for college, consider going to a cheaper school. Cheaper doesn't necessarily mean worse. State schools are cheaper because they also get money from the government, but they are no less quality.
How can you use less loans? The best way to minimize student loan debt is by by not taking out loans in the first place. Unless you are a super genius and feel you must go to an Ivy League school, go to one of the top state schools and save a lot of money.
You can save even more money if you go to a community college first then transfer. Community colleges are even cheaper and you'll also save money on room and board because you'll be commuting.
You can also save a lot of money by commuting to school. You might find that living in residence halls or dorms isn't all they are cracked up to be anyway. Commuting can save you a lot, especially if you live close by and don't have to pay much gas.
Finally, if you want to help pay for college, get a job. Get a part time job while you are in school and a full time job over the summer to help take a big chunk out of your tuition.
About the Author:
Trying to find the best college loans? Avoid college loan repayment and try to pay as much for school as possible without loans.
posted by Credit Counseling at
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