Today it is estimated that the average college student will take ten years or more paying off his student loan debt. This is because the costs of higher education grow more expensive every year. How to deal with this difficulty can be the biggest challenge of adult life.
Maybe it seems to you that there is no way to avoid amassing this great debt. You might think that it is unavoidable that one day you will experience some buyer's remorse regarding your education, and that paying it off is impossible. The good news is there is much you can do to avoid this cost, and paying it off is easier than it might at first seem.
There are several things to keep in mind when planning a college career in regards to student loan debt. The first is to avoid piling on the costs when they are avoidable. Going to school near your home may not seem as glamorous as running off to a big state school across the country, but it definitely makes more fiscal sense. Living at home while studying is one way to avoid huge costs of education.
One huge cost of going to school today is paying for your books. Finding ways to save money on textbooks is a great way to avoid costly bills later. There are dozens of online programs from many businesses that allow you to rent your textbooks for two, three, or four months and then return them when the class is over and pay a fraction of the cost of buying the book. Say the book you need for class is not available for rent - simply find a third party online who is selling their book from last year or last semester and save money that way.
One of the absolute best and least painful ways to save money on college costs is to ask for help. Apply for every grant for which you qualify. The federal government has invested billions of dollars in funding for helping college students defray the expense of higher education. A quick Google search will save you a huge percentage of what you will later owe. The FAFSA may not be fun to fill out, but the rewards for doing so will be experienced for years.
Eventually, though, you will find yourself in a new job making a good deal less than you would like and wondering how you will ever get those college loans paid off. Accelerating the amount of time you pay off your loans helps to reduce the amount you will have to pay. It avoids building up interest on your loans. A good idea in helping speed up this process is to hold off on making other big life changes for a few years, like buying a house or getting married.
As we have seen, paying your loans off as quickly as possible is one good way to save money. There is, however, a fall back plan if you find yourself swamped in huge monthly college loan payments. You can request a deferral if you find that your monthly payments are more than you can afford. Another option is to ask for an extended payment option. Either of these will allow you to continue to at least keep making your payments and avoid late fees.
One final idea that may not immediately occur to you is staying healthy. Exercising, eating right, avoiding extremes in smoking or alcohol will help you to work hard at your new career and call in sick fewer times. This will allow you to make bigger payments on your debt faster. Then you can begin living the good life that you dreamed of back in the days you were pouring over books in the library.
Maybe it seems to you that there is no way to avoid amassing this great debt. You might think that it is unavoidable that one day you will experience some buyer's remorse regarding your education, and that paying it off is impossible. The good news is there is much you can do to avoid this cost, and paying it off is easier than it might at first seem.
There are several things to keep in mind when planning a college career in regards to student loan debt. The first is to avoid piling on the costs when they are avoidable. Going to school near your home may not seem as glamorous as running off to a big state school across the country, but it definitely makes more fiscal sense. Living at home while studying is one way to avoid huge costs of education.
One huge cost of going to school today is paying for your books. Finding ways to save money on textbooks is a great way to avoid costly bills later. There are dozens of online programs from many businesses that allow you to rent your textbooks for two, three, or four months and then return them when the class is over and pay a fraction of the cost of buying the book. Say the book you need for class is not available for rent - simply find a third party online who is selling their book from last year or last semester and save money that way.
One of the absolute best and least painful ways to save money on college costs is to ask for help. Apply for every grant for which you qualify. The federal government has invested billions of dollars in funding for helping college students defray the expense of higher education. A quick Google search will save you a huge percentage of what you will later owe. The FAFSA may not be fun to fill out, but the rewards for doing so will be experienced for years.
Eventually, though, you will find yourself in a new job making a good deal less than you would like and wondering how you will ever get those college loans paid off. Accelerating the amount of time you pay off your loans helps to reduce the amount you will have to pay. It avoids building up interest on your loans. A good idea in helping speed up this process is to hold off on making other big life changes for a few years, like buying a house or getting married.
As we have seen, paying your loans off as quickly as possible is one good way to save money. There is, however, a fall back plan if you find yourself swamped in huge monthly college loan payments. You can request a deferral if you find that your monthly payments are more than you can afford. Another option is to ask for an extended payment option. Either of these will allow you to continue to at least keep making your payments and avoid late fees.
One final idea that may not immediately occur to you is staying healthy. Exercising, eating right, avoiding extremes in smoking or alcohol will help you to work hard at your new career and call in sick fewer times. This will allow you to make bigger payments on your debt faster. Then you can begin living the good life that you dreamed of back in the days you were pouring over books in the library.
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