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 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.
Another way to save for college is to go to a cheaper school. Most cheaper schools are state schools. Don't think that cheap means lower quality. They only cost less because the also get money from the government. Many state schools are even better than a lot of 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.
If you go to a community college first and then transfer to a state school, you can save even more money. Community colleges are cheaper than state 4 year schools, and you will still get the four year degree.
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 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.
Another way to save for college is to go to a cheaper school. Most cheaper schools are state schools. Don't think that cheap means lower quality. They only cost less because the also get money from the government. Many state schools are even better than a lot of 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.
If you go to a community college first and then transfer to a state school, you can save even more money. Community colleges are cheaper than state 4 year schools, and you will still get the four year degree.
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 Credit Counseling at
2:02 PM
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