Loads of students fall victim to the easy debt that is available to them while in college. You must bear in mind that every penny you borrow on a student loan has to be repaid with interest. Here are a number of ways to lower your student debt.
You should not take any loan unless it is completely required. This applies to student loans, second mortgages and credit cards. The student aid application has a box to check if you are interested in student loans. While you ought to check this box as an option for financial aid, you should not accept any loans that you do not entirely need to survive.
An amazing way to fund your education is through the work study program. It often allows you to work in the field of your major, get to know professors on a personal level and pay for your education. The money you receive is money you have earned. You will never have to pay this money back. The hours you can work are limited in order for you to focus on your education.
Always make applications for scholarships. It only takes decent grades in high school to qualify. Since some scholarships are specific in nature, check with your parent's employer and your school.
Look for grant money. Read that word grant as "never have to pay back." There are both federal and state grants that are available. Apply early, since some grants may run out of funding before the school year ends. Student that apply first may qualify for larger grants.
Study very hard. School is your number one job. Your major is not the frat or other campus organization. All those social activities should take second place to your studies. If you study hard you may be rewarded with even more scholarships.
Work-study, grants and scholarships are all ways to fund your college education that do not require ever being paid back. If you can fund your education through these means then use them.
The interest rate is low on student loans. Payments are based on the amount of money you actually borrow. You can set the payment schedule to be low at first and then gradually increase as time and earnings increase.
While we are discussing student debt, be sure that you keep away from credit card debt. Loads of companies target college students for credit cards. It is easy to get into credit card debt over your head. Be cautious.
You should not take any loan unless it is completely required. This applies to student loans, second mortgages and credit cards. The student aid application has a box to check if you are interested in student loans. While you ought to check this box as an option for financial aid, you should not accept any loans that you do not entirely need to survive.
An amazing way to fund your education is through the work study program. It often allows you to work in the field of your major, get to know professors on a personal level and pay for your education. The money you receive is money you have earned. You will never have to pay this money back. The hours you can work are limited in order for you to focus on your education.
Always make applications for scholarships. It only takes decent grades in high school to qualify. Since some scholarships are specific in nature, check with your parent's employer and your school.
Look for grant money. Read that word grant as "never have to pay back." There are both federal and state grants that are available. Apply early, since some grants may run out of funding before the school year ends. Student that apply first may qualify for larger grants.
Study very hard. School is your number one job. Your major is not the frat or other campus organization. All those social activities should take second place to your studies. If you study hard you may be rewarded with even more scholarships.
Work-study, grants and scholarships are all ways to fund your college education that do not require ever being paid back. If you can fund your education through these means then use them.
The interest rate is low on student loans. Payments are based on the amount of money you actually borrow. You can set the payment schedule to be low at first and then gradually increase as time and earnings increase.
While we are discussing student debt, be sure that you keep away from credit card debt. Loads of companies target college students for credit cards. It is easy to get into credit card debt over your head. Be cautious.
About the Author:
Dawn Enstruthe writes for website Ginko Financial which has details of Chicago credit counseling and home refinancing after a bankruptcy.
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