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College Debt: How to Avoid the Black Hole of Student Loans

>> May 17, 2016

Attending college is necessary for landing your dream career, but it makes it easy for individuals to quickly fall into debt. If you don’t get a handle on the situation as soon as possible, you could carry the debt with you after you graduate. College can be stressful enough as it is without even thinking about all the debt you’re possibly getting yourself into. Planning for a future free of debt requires careful planning and smart choices.

Start Saving Money Now
It’s a good idea to start saving any kind of money that you can as soon as possible. Work on cutting back on your expenses and live frugally. If possible, try to change your lifestyle around to spend less. Living with your parents can be a good option for some people because it provides a great way to put money aside. Consider getting a part-time job so you have income coming in that you can save. Saving money as early as possible makes it easier for you to pay off the loans when they’re due.

Apply For Scholarships
The great thing about scholarships is that you don’t have to pay them back. There are so many different types of scholarships available, so it’s a good idea to start researching them to find some you might qualify for. Some scholarships and colleges look at a student’s SAT score when determining the amount of financial aid or scholarship money they qualify for. Prepare yourself to get the best scores with a helpful online tutor like the Kranse SAT course.

Find Government Grants
Grants are like scholarships in a way because you do not have to pay them back either. Each type of government grantavailable has different guidelines, so take the time to learn about the different ones you may qualify for. Typically, scholarships are given to individuals with certain abilities, but grants are given to individuals that may have financial difficulties when it comes to paying for their college education. 

Other Helpful Tips For A Debt-Free Future
If you don’t have the option to live at home while you’re in college, you can easily limit your living expenses to save money. Learn to cook your own meals so you don’t have to eat out often. Other ways to save money when you’re a college student include:
·  Avoid impulse purchases
·  Pay bills on-time
·  Rent used textbooks instead of buying them new
·  Consider getting a roommate to split cost of living
·  Avoid buying school supplies you don’t really need
·  Find stores that offer student discounts
·  Consider opening a savings account that will earn interest
·  Learn about becoming a resident advisor to possibly get free room and board

While credit cards are extremely tempting for many reasons, it’s important to avoid using them. You don’t want to get stuck with another debt you’ll have to eventually pay off.

Students can easily get overwhelmed with college alone, but it’s important to think ahead to avoid becoming buried in debt. Consider taking your time to get through college so you can have more time to save money and more time to pay off your loans. Make every effort to live frugally so you can have money to put aside into savings. College can be extremely expensive, but by learning how to budget your money now, you’ll have a much better chance at financial success when you graduate. 

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