Is student loan debt a necessary evil? So many people graduate with at least some student loan debt now, that most people do not even think twice about it. Student loans can add up quickly and then seem to take forever for people to pay off. With the consolidation loans you can have your payments spread out over twenty years. This is a long time to be paying for school. Here are five things to consider before you take out student loans.
1) Before you take out a student loan you should apply for all grants and scholarships that you can. Any amount that you can get to help towards paying for school will be less money that you end up borrowing. This will mean that you will have to pay back less at the end of the year.
2) There are circumstances when you will not qualify for grants, but you still need to find money for college. You should consider working while you are in school. Again any amount of money you make will lessen the amount you end up owing. You can find a job on campus or you can look off of campus. Off campus jobs tend to pay a little bit more. If you do not work during the year, then you need to work hard over the summers and save every penny you can.
3) It is important to live on as little money as possible when in college and taking out student loans. Many people will live lavishly with little thought or care about how they will repay the money. If you are frugal while in college, then you will be better off when you graduate.
4) You may want to consider going to school with lower tuition costs. You can receive an excellent education from state schools. Many of these schools have excellent reputations as well, and you do not end up paying as much for the same quality education.
5) It is important to take your education seriously. You can plan your classes so that you can graduate quickly. You can also take heavier class loads to save money. Every class you fail or needing to retake will cost you an extra two or three hundred dollars at least. It makes economical sense to spend time studying if you are paying for it.
On a personal note I was able to graduate from college with my bachelor’s degree completely debt free. My only parental support was one hundred dollars a month. I did not qualify for any grants, but I did receive scholarships for partial tuition many semesters. I worked between twenty to forty hours a week, carried at least fifteen credit hours a semester and graduated with a high GPA. I worked hard, but I still had time for fun. I completed my five-year program in four years because I attended at least one summer session every year. I share this only to show that it really is possible to graduate debt free. I did make many sacrifices along the way, but I still enjoyed my time in college.
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