Nearly all college or university students must face debt sometime during college. Nevertheless, this doesn�t mean that we should not do whatever we can to avoid debt. Here are a few alternatives to student loans, tips on how to pay off loans if you already have obtained them, and great cash saving habits.
Obtaining a scholarship or grant is the best alternative to getting a student loan because you don’t have to pay them back. Scholarships can be found most places and are awarded for many different reasons. Look for scholarships at the college you wish to attend, at organizations in your area, and online.
Some businesses and organizations which give scholarships are the Lions Club, Optimist, Girls & Boys Club, and certain Retail Stores. Web sites that will find scholarships for you are Scholarships.com and FastWeb.com. You can apply for a grant at fafsa.ed.gov.
A different alternative to getting a student loan is to find a high paying job. Consider your talents and skills to determine which job is ideal for you.
If you follow this simple advice you will be able to pay off your student loans quickly and painlessly. It may be difficult for the first little while, but soon you will get into the habit:
-Lock in a Low Rate: Take the time to search for a low interest rate loan and then make sure the rate is locked in.
-Pay Through School: If your loan does not require you to pay while you are in school, do it anyway. This will save a lot of money.
-Never Miss a Payment: Bad habits are easy to form and hard to break. Don’t get into the habit of missing payments.
-Pay More than the Minimum: If you pay more than the required amount you’ll have that loan paid off before you know it.
Money Saving Habits
Typically debt problems come because of our bad habits. Many people just scrape by regardless of how much or how little they make. This continues to happen because they have bad spending habits.
The best way to kill these old habits is to create new ones. Try using coupons, buying from discount stores, eating at restaurants less frequently, and attending matinees instead of evening movies. Certain movie theaters even offer discounts to students. If it’s possible, share an apartment with many people. These are generally much cheaper. Try to live without a vehicle and ride a bike or walk instead. This will save lots of gas money. Whenever you go shopping always ask the question “Do I really need it?” before you buy anything and never shop for food when you’re hungry.
Do not cheat your future self by piling up the debt in your college years. Listen to the recommendations in this article and you’ll get out of college with small debts or even debt free! You will be glad you made the decision!
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