The costs of higher education keep getting higher and higher. Estimates today say that it takes the average college graduate over ten years to pay off his student loans. Dealing with student loan debt is one of the biggest challenges facing college graduates today.
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.
The place to begin is when planning for college in the first place. There are many costs that can be reduced or avoided altogether with some clever planning and ingenuity. It might seem like a great idea to attend a big state school on the other side of the country, but that is expensive. Living at home and studying at a community college for your basics is a great way to save money.
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.
Finally, a fantastic means of avoiding student loan debt is to apply for as many grants as you can before and during your college years. Filling out a FAFSA is not loads of fun, but the money the federal government has available will make paying off your loans later much less painful. Many small nonprofit groups have scholarships available for undergraduate and graduate programs alike. A simple internet search can pay off handsomely when it comes to saving money for college.
However, once the diploma is on your wall and your post-college career begins, there are several things you can do to reduce the amount you owe. You can also speed up the time it takes to pay it off. One way to speed up this process is to put off other expensive life decisions for a few years while you pay off your student loan debt. Getting married or buying a house or new car may be attractive, but waiting until the bulk of your loans are paid off will save you enormous amounts of money in interest.
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.
Believe it or not, staying healthy is a great way to get your student loan debts paid off. Avoiding extremes in alcohol or smoking, exercising, and eating right will keep you working hard. You will avoid getting sick and losing pay. Making more money by staying healthy will allow you to get your debt paid off quickly and begin enjoying a high quality of life you were dreaming of over those books while in school.
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.
The place to begin is when planning for college in the first place. There are many costs that can be reduced or avoided altogether with some clever planning and ingenuity. It might seem like a great idea to attend a big state school on the other side of the country, but that is expensive. Living at home and studying at a community college for your basics is a great way to save money.
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.
Finally, a fantastic means of avoiding student loan debt is to apply for as many grants as you can before and during your college years. Filling out a FAFSA is not loads of fun, but the money the federal government has available will make paying off your loans later much less painful. Many small nonprofit groups have scholarships available for undergraduate and graduate programs alike. A simple internet search can pay off handsomely when it comes to saving money for college.
However, once the diploma is on your wall and your post-college career begins, there are several things you can do to reduce the amount you owe. You can also speed up the time it takes to pay it off. One way to speed up this process is to put off other expensive life decisions for a few years while you pay off your student loan debt. Getting married or buying a house or new car may be attractive, but waiting until the bulk of your loans are paid off will save you enormous amounts of money in interest.
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.
Believe it or not, staying healthy is a great way to get your student loan debts paid off. Avoiding extremes in alcohol or smoking, exercising, and eating right will keep you working hard. You will avoid getting sick and losing pay. Making more money by staying healthy will allow you to get your debt paid off quickly and begin enjoying a high quality of life you were dreaming of over those books while in school.
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