Tips to Avoid Drowning in Student Debt

Tips to Avoid Drowning in Student Debt
  • Opening Intro -

    Although loans can be very helpful fors students trying to afford college, the truth is, they can leave newly graduated students in pretty bad financial situations.

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Loans aren’t inherently evil, but can have long-lasting effects on your credit and your financial future. Below are just a few tips that can help you avoid drowning in student debt after you graduate from school.

Borrow the Bare Minimum

If you are still in school, it’s important to avoid borrowing more money than you have to. Look into scholarships and grants that can provide you with free money for your schooling, and that you won’t have to worry about paying back. Attending a cheaper school and working a part-time job while in school can also help to minimize the amount of debt you have to take on in the first place. Try selling product online or finding a small job on-campus like editing or tutoring.

Make Payments While You’re in School

While in school, your student loans will probably be deferred. This means you do not have to make any payments until after graduation. If you make payments while you’re in school, even if they are small, then you can help reduce the amount of interest that builds up. This can help make your student loan debt a whole lot easier to pay off later on.

Pay Extra When You Can

Whenever possible, it’s a good idea to make extra payments on your student loans. Simply rounding up your regular payments or making an extra payment when you are gifted some cash can be smart moves to make.

Get Out of Debt

If you are out of school and finding it difficult or impossible for you to pay back your student loans on top of other payments like a mortgage, you could be wondering if there is anything you can do to make your situation better. In some cases, a bankruptcy attorney might be able to help.

Even though it can be difficult to have your student loans discharged in bankruptcy, your lawyer might be able to assist you. If they can’t help specifically with your student loans, then you might be able to get help with your other debts, so you can focus more of your attention on getting your student loans paid down.

Being in debt due to student loans can make it difficult just to get by. However, you do not have to let yourself drown in your debt. If you follow these tips, you can help ensure you are able to keep your student loan debt from getting out of control before and after graduation.

Consumer Tips reference:

guide on reducing personal loan debt

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Categories: Debt Management

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