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STUDENT LOANS :: MANAGING STUDENT DEBT


Managing College Debt Now


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The majority of college students will face debt sometime during their education. However, this doesn't mean that we should be okay with racking it up. This article gives a few tips on avoiding student loans, paying off loans if you do have them, and good money saving habits.

Alternatives to Loans:
The best alternative to getting a student loan is to get a scholarship or grant since you don't have to repay them. Scholarships can be found if you just look for them and are given out for various reasons from essay writing to being a certain ethnicity. You can find scholarships at the college you desire to attend, at organizations in your area, and on the internet.

Some of the businesses and organizations which award scholarships are the Lions Club, Junior League, Girls & Boys Club, and Retail Stores. Some great internet sites that will find scholarships for you are FastWeb.com, Scholarships.com, and FreeScholarshipGuide.com. You can apply for a government grant at FAFSA.com.

One other way to avoid student loans is to find a high paying full time job during the summer and a part-time job during the school year. Consider your talents and skills to locate the job that is right for someone like you.

Paying Off Loans:
If you follow this simple advice you will be able to pay off your student loans quickly and painlessly. It can be difficult for the first little while, but soon you will get into the habit. Here are the tips:
  • Lock in a Low Rate: It takes time to find a low rate but it will save you a lot of money in the long run.
  • Pay Through School: Many student loans don't obligate you to pay through school, however, you should do it anyway. Even a small monthly payment can save you a good deal of money.
  • Don't Miss Payments: Bad habits are easy to form and hard to break. Don't get into the habit of missing payments.
  • Pay More than the Minimum: If you pay more than the required amount you'll be out of debt before you know it.
Money Saving Habits:
Typically debt difficulties come because of the complacent way we spend our money. Some individuals just scrape by regardless of how much money they make. They do this because they have created bad spending habits. The best way to kill these old habits is to create new ones. Try using coupons, shopping at discount stores, eating at restaurants less frequently, and going to matinees instead of evening movies. Certain movie theatres even offer discounts to students. If you can, rent a shared apartment. These are generally much cheaper. Think about living without a vehicle and ride a bike or walk instead. This'll save you lots of gas money. Whenever you go out shopping consistantly ask the question "Do I really need it?" before you buy anything and never shop for groceries when you're hungry.

Don't end up cheating your future self by piling up a bunch of debt in your college years. Follow the recommendations given in this article and you will graduate college with small debts or even debt free! You will be grateful you made the decision!

ABOUT THE AUTHOR Elise Fisher enjoys writing articles for her website About Student Loans. Don't miss the Student Loan Consolidation page!