With fall upon us, it\u2019s time for the leaves to start changing, the air to start getting brisker, and of course, the students to return to the colleges. \u00a0This is definitely apparent to those of us who live only two blocks away from a college, and had to deal with an entire weekend of students moving into dorms and frat houses just down the street. \u00a0(Let\u2019s not even start to talk about the houses nearby that are occupied by college guys; that could prove to be all kinds of fun\u2026) \u00a0Yes, college season has begun.<\/p>\n
Of course, with college comes student loans, one of the biggest debts that many people will have to deal with throughout their life. \u00a0I\u2019m not going to try to dissuade you from taking on student debt in order to obtain a degree; if there is anything that can be considered \u2018good debt\u2019, I\u2019d think that student loans definitely qualify. \u00a0Even if all debt is bad (and I understand the arguments that it is), at least student loans are among the most understandable of types of \u2018bad debt\u2019 to take on.
\n<\/p>\n
Regardless of whether student debt is good, bad, or something in between, there\u2019s one thing every financial adviser can agree: you should try to keep your debt to a minimum. \u00a0Luckily for you, you\u2019re reading a source of information on just how to keep that debt down to a minimum while still getting yourself a degree. \u00a0That\u2019s why we\u2019re going to spend the rest of this article discussing<\/p>\n
\u00a01. Find a School With Reasonable Expenses<\/strong>: The more your chosen school costs, the more you need to pay, whether through student loans or out of your own pocket. \u00a0The biggest thing you can do to keep your student debt under control, then, is to attend an inexpensive college so you don\u2019t need to take on a huge amount of debt. \u00a0(Although, if you get into a school with a great reputation, the costs might just be worth it. \u00a0But that\u2019s beyond the scope of this article.)<\/p>\n 2. Look Into Scholarships and Other Benefits<\/strong>: I\u2019ll let you in on a little secret: \u00a0schools don\u2019t actually charge the full tuition amount to most of their students. \u00a0To cut your costs, you can look into scholarships and grants to see if the school or other resources will provide you with financial support to attend classes. \u00a0They might not be huge benefits (some are only for a few hundred dollars or so), but every little bit can cut down on the expense.<\/p>\n 3. Consider (Carefully) Starting in a Community College and Transferring<\/b>: One of the most commonly recommended suggestions for saving on college costs is to take a year or two in community college and transfer the credits to a four year institution to finish there. \u00a0While this is a decent plan, use it with caution; you need to ensure that the credits will transfer BEFORE starting community college, if you aren\u2019t going to spend more money (and more time) in the end.<\/p>\n 4. Settle On a Major Before Starting Classes<\/strong>: One last thing before we get to what you should do at college:\u00a0settle on your major<\/a>\u00a0before you starting attending class. \u00a0When you change your major, you\u2019ll add time to how long it will take to finish your degree and add money to the total expense. \u00a0Stay in the same major and you\u2019ll keep your expenses low(er).<\/p>\n 5. Get Other Sources of Mone<\/strong>y: The more money you can get from sources other than loans, the less you\u2019ll owe when classes are over. \u00a0There are plenty of\u00a0opportunities available<\/a>, from working online to working for the university. \u00a0Any job that brings in money can help you cover your expenses, although the latter also offer you a chance to:<\/p>\n 6. Work Down Your Expenses<\/strong>: Your college job might offer benefits beyond mere paycheck. \u00a0For example, Resident Assistants (the students in charge of running dorms) often have the possibility of getting free room and board in exchange for keeping undergraduates from causing (much) property damage. \u00a0Worth considering.<\/p>\n 7. Get Federal Student Loans First<\/strong>:\u00a0Alright, if you\u2019ve done everything possible to keep your expenses to a minimum, now you can consider student loans. \u00a0While there are useful private lenders, you should start your applications with\u00a0federal loans<\/a>, which tend to be easier to get and easier to repay.<\/p>\n 8. Take on Only As Much Debt As You Need<\/strong>: I hope I don\u2019t need to say this, but the less debt you have, the easier it will be to pay off. \u00a0Try to keep your student loans limited to what you need (and not merely what you want), and when repayment time arrives, you\u2019ll be that much better off.<\/p>\n 9. Pay Your Interest As It Accumulates<\/strong>: A quick note on types of loans: Subsidized loans have the interest covered by the lender while you are attending school, while unsubsidized loans do not. \u00a0If you take on unsubsidized loans make sure that you pay off the loan interest as it accumulates, to avoid any compound interest when you finish your education. \u00a0(Also, try to stick to subsidized loans as much as possible, although I realize that\u2019s not always possible.)<\/p>\n 10. Finish Your Degree As Soon As Possible<\/strong>: If you work to keep your time in school to the minimum needed, you\u2019ll be able to keep your expenses low as well. \u00a0Finish the needed coursework as soon as possible (and stick to that major you chose earlier), maybe even dropping a semester (or a year) from the time needed to get your degree with proper planning, and you\u2019ll have that much less expense to pay back.<\/p>\n 11. Take Advantage of Your Grace Period<\/strong>: For a short period after you graduate, your lender will generally not require you to start making payments. \u00a0Use that time to find a job, start making payments, save up your money to cover future payments, and otherwise do what you can to make it easier to handle the payments when they are due.<\/p>\n 12. Get Started Paying Back Your Debt As Soon As Possible (And As Much As Possible)<\/strong>: Once you have a job lined up or your business starts bringing in dough, you should start to pay down your debt as soon as you are able. \u00a0While you\u2019re at it, if you have any money that you can put toward additional payments (and money that wouldn\u2019t be better served paying down credit card debt, for example), you can use it to cut down the principle and thus, your future interest.<\/p>\n 13. Look Into Deferment, Forbearance and Forgiveness<\/strong>: While you will hopefully have no difficulties paying back any loans you may take on, it\u2019s still wise to consider\u00a0deferment or forbearance<\/a>\u00a0when you are unable to handle the payments required. \u00a0Both will delay your need to pay (not to get too much into the finer details, let me say that, if possible, you should try to get a deferment). \u00a0You can also look to have some or part of your loans erased (or\u00a0forgiven<\/a>), although this generally this only applies if you are a teacher, in the military, or doing volunteer work.<\/p>\n With fall upon us, it\u2019s time for the leaves to start changing, the air to start getting brisker, and of course, the students to return to the colleges. \u00a0This is definitely apparent to those of us who live only two blocks away from a college, and had to deal with an entire weekend of students […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[878],"tags":[],"class_list":["post-5558","post","type-post","status-publish","format-standard","hentry","category-earning-and-saving","wpautop"],"yoast_head":"\nWhile At School<\/h2>\n
After School<\/h2>\n
Follow these methods before, during, and after your school career, and you should have less student debt to deal with in your life. \u00a0Any suggestions for keeping your student debt under control? \u00a0How much success have you had in handling your student debt?<\/h3>\n","protected":false},"excerpt":{"rendered":"