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 student loan debt do you have? When you go for student loans, you will first go for government loans. They offer the Stafford Loan which gives the most money at the lowest rate. If you are in financial need, you can get the Stafford Loan subsidized and not have to pay any interest while 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.
You may want to look into going to a cheaper school. Cheaper schools are usually state colleges and only cost less because the government pays for part of it. Often state schools are actually better than many more expensive private schools.
How can you minimize your loans? The best way to have less loans to pay back is to not take them out in the first place. Unless you are a genius and must go to an Ivy League school, there's no reason why going to a state school wouldn't be smarter for you.
You can save even more money if you go to a community college for two years first and then transfer to a state school. State schools are cheap, but community colleges (which are state schools too, but they are only two years as opposed to four) are often have the price.
Commuting is another way to save a lot of money. A lot people end up not liking dorm life anyway. If you can commute from home you won't have to pay room and board and your parents will support you, if they agree, the same as they did when you were in high school.
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 student loan debt do you have? When you go for student loans, you will first go for government loans. They offer the Stafford Loan which gives the most money at the lowest rate. If you are in financial need, you can get the Stafford Loan subsidized and not have to pay any interest while 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.
You may want to look into going to a cheaper school. Cheaper schools are usually state colleges and only cost less because the government pays for part of it. Often state schools are actually better than many more expensive private schools.
How can you minimize your loans? The best way to have less loans to pay back is to not take them out in the first place. Unless you are a genius and must go to an Ivy League school, there's no reason why going to a state school wouldn't be smarter for you.
You can save even more money if you go to a community college for two years first and then transfer to a state school. State schools are cheap, but community colleges (which are state schools too, but they are only two years as opposed to four) are often have the price.
Commuting is another way to save a lot of money. A lot people end up not liking dorm life anyway. If you can commute from home you won't have to pay room and board and your parents will support you, if they agree, the same as they did when you were in high school.
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:
Looking to find the best college loans available? Avoid expensive college loan repayment and try to pay as much for school as possible without loans.
posted by Debt Consolidation Loan at
1:42 PM
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