How much do you owe? A study on American debt shows that approximately 8 out of 10 citizens are currently in debt due to unpaid loans. These loans plague graduates for years to come as they accrue interest and the total amount owed increases.
If you want to avoid the weight of student loans, here are 4 things you can do to get ahead on your school payments.
1. Apply For Scholarships
You don’t want to miss out on free money! Fill out your FAFSA to find out what grants you might qualify for according to your financial need. If you receive these grants, you won’t have to worry about paying them back with interest like you would with loans.
You can also use this site sponsored by the U.S. Department of Labor to explore available scholarships that you might be eligible for. There are thousands of rewards that you might qualify for!
2. Grow Your Savings
It’s much easier to pay for school with money that you already have. Dedication and effort are required to grow your savings account, but doing so gives you a safety net to handle all of your expenses.
Although it takes a bit more time to add to your savings account, it will be much more worthwhile in the long run. It takes off the stress of having to work during the semester or being in debt for years after graduation.
3. Be Realistic
Some colleges are outside of your budget. If you want to avoid the stress of long-term student loan debt, be realistic about what you can afford to pay for. If you know how much you have to spend on a degree, you’ll have a clearer idea of where you can get that degree from.
This is especially true for students who need to work while in school. If your school payments are dependent on your sole income, you’ll work yourself to exhaustion trying to keep up with your school payments and student loan payments at the same time.
4. Graduate Early
The less time that you’re in school, the less expensive it will be. Meet with your advisor to find out if you can test out of any classes or substitute preexisting credits. This can help you get a head start on your degree audit and work toward walking the stage ahead of schedule.
Even if you can’t completely avoid student loans, graduating early will help minimize what you need to pay after your time at school is completed.
