How to Manage Student Loan Debt

By | June 11, 2017

How to Manage Student Loan Debt

How to Manage Student Loan Debt: An Introduction

First, do you want to know how to manage student loan debt? You are not alone! So is taking out student loans good or bad for your credit? That depends on you and your unique situation. Millions of people put themselves through college every year, and not everyone is able to pay for it up front. So, how do you go to college while still surviving and minimizing student loan debt? As it turns out, there are ways to get through college while keeping good credit. Do you still think it is not possible? I’ll show you how I did it, and if you follow these steps soon you too can get a college education while minimizing your student loan debt. All this equals better credit and a better life. By the end of this article, I will show you how to manage student loan debt.

how to manage student loan debt

How to Manage Student Loan Debt: Be Sure You Are Ready For College

 

Once I had tons of student loan debt. Also, a credit score I would not speak aloud. I needed to figure out a way to put myself through school. While attaining and maintaining good credit. Also, minimizing student loan debt. So I could afford a car and an apartment. But, it took a while. I set up rules for managing credit and minimizing student loan debt. The first rule is: Be sure you are ready for college. If you are not sure what you want to do your time and money would be better spent building credit and saving money. College is expensive. So if you waste time figuring out what you want to do, it costs you more. Not going until you are sure what you want to do is a great way of minimizing student loan debt.

How to Manage Student Loan Debt: Apply For Scholarships And Grants

how to manage student loan debt

You may not be able to pay for your college education up front. However, if you apply for scholarships and grants it may cost you a lot less. Scholarships and grants are given out to students every year. They may be used to pay for tuition, books, and other living expenses. Even better, sometimes that money does not have to be repaid. This means taking out less money in student loans. Remember if you do not apply, you cannot receive the money. It is almost as if the money was being wasted. If you apply and use these funds every year, it is one guaranteed way of minimizing your student loan debt. That is good for your credit. Keep a close watch on your credit score.

How to Manage Student Loan Debt: Go To School Locally And Live At Home

Students who move out of state to go to school always pay the most money. Going to a 4-year university right out of high school is very expensive, and university tuition costs can double for a student who is not native to that state. Instead, go to a community college close to where you live. Your tuition will be much cheaper. Also, you can have the added benefit of living at home with your parents. So you may avoid paying lots of rent somewhere else. Doing these things you will see how to manage student loan debt properly.

How to Manage Student Loan Debt: Apply For A Work Study Program

Although you may not realize, your college is usually willing to let you work off some of your tuition costs. Many college students work part-time while going to school. If you apply for federal work study you can get a job. So then you will have access to extra money set aside for tuition, books, or other expenses. Again, if you do not use work study, it is like this money was being wasted. If you do work study all throughout college, you can easily end up saving thousands of dollars. Also, doing work study means you might not need an extra student loan. Anytime you can make money without taking out a loan, you are saving money and minimizing student loan debt.

How to Manage Student Loan Debt: Taking The Next Steps

Finally, taking out a student loan may seem scary at first. But, if you follow these simple steps you will make it through college while minimizing student loan debt. Keeping good credit throughout college will help you later. So when you go to buy a house, you have a much better chance of getting approved for the loan. If you make regular payments on time to your student loans, you may be able to have some of them forgiven later. Remember you can do this! You do not have to be down in student loans. Many people go to college and go on to live debt free lives. So if you follow these simple rules, you will be a scholar while minimizing student loan debt! Now you know how to manage student loan debt. Be sure to read bills and debts. Also, see the helpful resources below!

how to manage student loan debt

 

How to Manage Student Loan Debt: Helpful Student Loan Debt Resources

https://studentloans.gov/                                                                                            Government low-interest rate student loans. Also, they offer loan consolidation and interest rate reduction programs. https://studentloans.gov/myDirectLoan/launchConsolidation.action             Direct link to student loan consolidation application.
https://fafsa.ed.gov/                                                                                                     F.A.F.S.A. – Free Application for Federal Student Aid

“The total level of debt for so-called deep subprime borrowers totaled $8.2 billion in the first quarter of 2017, a jump of 32 percent from the same period a year ago, according to SNL Financial citing data from the Consumer Financial Protection Bureau. The category applies to borrowers with less than a 580 credit score.”

http://www.cnbc.com/2017/05/31/student-subprime-debt-surges-32-percent.html

Written by Guest Post Contest Winner Chris Azzarello and Joshua Crum