Tips for Staying Debt Free in College

Almost all college or university students will deal with debt at some point during their education. However, this does not mean that we should be okay with racking up debt. This article gives a couple alternatives to acquiring student loans, tips on how to pay off student loans if you do have obtained them, and great money saving habits.

Alternatives to Student Loans:

Obtaining a scholarship or grant is the best alternative to getting a student loan because they are free. Scholarships can be found nearly everywhere and they are awarded for many different reasons. Look for scholarships at the college you wish to attend (or are attending), at local businesses and organizations, and on the internet. Some local businesses and organizations which give scholarships are Chamber of Commerce, Optimist, Girls & Boys Club, and certain Retail Stores. Internet sites that’ll search for scholarships for you are FastWeb.com, Scholarships.com, and FreeScholarshipGuide.com. There are over 1000 grant programs offered by all Federal grant agencies. If you’d like to, you can for one at Grants.gov.

Another alternative to getting a student loan is to find a high paying job. Look at your talents and skills to find a job that’s right for someone like you.

Repaying Student Loans

If repaying your student loans as painlessly as possible is your goal, consider the following recommendations. It might be hard at first, but once you get into the habit, you’ll be glad you did: -Find a Low Rate: It takes time to find a low rate but it will save you a lot of money in the long run. -Pay Through School: Many student loans don’t obligate you to pay through school, however, you should do it anyway. This will save a good deal 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. -Make Large Payments- If you make larger payments than what is required, you will be out of debt in no time.

Save Money

Generally debt difficulties are caused by our bad habits. Many individuals scrape by no matter how much or how little money they’re making. They do this because of their poor spending habits. Forming new habits is the most effective way of breaking old ones. Try looking for sales, buying from discount stores, eating out less frequently, and attending matinees instead of evening movies. Some movie theatres even offer discounts to students. If you can, rent a shared apartment. Think about living without a vehicle. This’ll save a lot of gas money. When you go out shopping consistantly ask yourself “Do I really need it?” before you buy anything and never shop for food when you are hungry.

Don’t cheat your future by racking up the debt in college. Follow the advice in this article and you’ll get out of college with little or no debt. You’ll be thankful you did!

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