How much do you owe in Student Loans and how can you minimize it?
College is expensive, it is a simple fact. College costs keep going up and most people can't afford it without taking out loans. If they are lucky they can pay for it all with savings, scholarships, financial aid, and grants. Loans are the most popular type of aid for college and most students will graduate with some student loans.
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.
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 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.
A final way to pay for college is to work. Get a part time job during the semester and work full time over break to save the most money possible.
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.
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 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.
A final way to pay for college is to work. Get a part time job during the semester and work full time over break to save the most money possible.
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 Debt Consolidation Loan at
11:07 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home