Many students fall victim to the easy debt that is accessible to them while in college. You need to bear in mind that every penny you borrow on a student loan has to be paid back with interest. Here are a few ways to lower your student debt.
You should not take any loan unless it is completely necessary. 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 should check this box as an option for financial aid, you should not accept any loans that you do not absolutely require to survive.
Consider the work-study program at your university. Students can often work in their major department for a few hours each day to supplement the other moneys they receive for their education. This money is earned and will never have to be paid back. Since the hours are limited, you can focus on your real job, your education.
Scholarships are free money that is a reward for your hard work as a student. Some scholarships are very specific in nature, so you should do a thorough search for those which you qualify. Ask friends and family members about scholarships for which you may qualify.
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 hard. Some scholarships require students to keep their grades high to maintain the scholarships. If you did not qualify for a scholarship your freshman year because of a few low high school grades, you can make better grades in college and qualify for a scholarship for the remainder of your college career.
There are numerous ways to fund your education without ever taking a student loan. However if you have exhausted all other ways to continue your education then you should take those loans to finish the degree. Your earning potential with a college education will be much higher.
If you cannot fund your education in any other way, then you should use student loans. Student loans often have very low interest rates. A college education will increase your earning potential so that the investment is well worthwhile.
While we are talking about student debt, be sure that you avoid credit card debt. Loads of companies aim at college students for credit cards. It is easy to get into credit card debt over your head. Be careful. - 29866
You should not take any loan unless it is completely necessary. 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 should check this box as an option for financial aid, you should not accept any loans that you do not absolutely require to survive.
Consider the work-study program at your university. Students can often work in their major department for a few hours each day to supplement the other moneys they receive for their education. This money is earned and will never have to be paid back. Since the hours are limited, you can focus on your real job, your education.
Scholarships are free money that is a reward for your hard work as a student. Some scholarships are very specific in nature, so you should do a thorough search for those which you qualify. Ask friends and family members about scholarships for which you may qualify.
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 hard. Some scholarships require students to keep their grades high to maintain the scholarships. If you did not qualify for a scholarship your freshman year because of a few low high school grades, you can make better grades in college and qualify for a scholarship for the remainder of your college career.
There are numerous ways to fund your education without ever taking a student loan. However if you have exhausted all other ways to continue your education then you should take those loans to finish the degree. Your earning potential with a college education will be much higher.
If you cannot fund your education in any other way, then you should use student loans. Student loans often have very low interest rates. A college education will increase your earning potential so that the investment is well worthwhile.
While we are talking about student debt, be sure that you avoid credit card debt. Loads of companies aim at college students for credit cards. It is easy to get into credit card debt over your head. Be careful. - 29866
About the Author:
Dawn Enstruthe writes for website Ginko Financial which has details of Chicago credit counseling and home refinancing after a bankruptcy.
