Tips for Staying Debt Free in College
By: echo_promotions | Posted: 26th July 2007
The majority of college or university students will have to deal with debt sometime during their higher education. However, this doesn�t mean that we should be okay with racking up debt. Here are some alternatives to acquiring student loans, tips on how to pay off student loans if you already have obtained them, and great money saving habits.
Alternatives to Loans:
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 given out for many different reasons. You can find scholarships at the college you want to attend, at local businesses and organizations, and online.
Some businesses and organizations which offer scholarships are Chamber of Commerce, Optimist, Girls & Boys Club, and certain Retail Stores. Internet sites that will find scholarships for you are Scholarships.com and FastWeb.com. Grants can be found at fafsa.ed.gov.
Another alternative to getting a student loan is to use your skills to get a high paying job. Look at your abilities, talents, and skills to determine which job is right for someone like you.
How to Pay Off Loans:
If repaying your student loans as painlessly as possible is your goal, consider the following recommendations. It might be difficult for the first little while, but soon a good habit will form and it will become simple and easy. Here are the tips:
-Lock in 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: If your loan does not require you to pay while you are in school, do it anyway. This can save you a lot of money.
-Never Miss a Payment: Missing one or two payments may seem harmless, but soon you will be in a bad habit and a lot of debt.
-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 problems come because of our bad habits. Innumerable amounts of individuals barely scrape by regardless of how much they're making. This continues to happen because of their poor spending habits.
Forming new habits is the most effective way of breaking old ones. Try looking for sales, shopping at discount stores, eating at restaurants less frequently, and attending matinees instead of evening movies. Some movie theatres even offer discounts to students. If you can, rent a shared apartment. Try to live without a car. This'll save you a lot of gas money. Whenever you go out shopping always ask the question "Do I really need it?" before you put any item into your cart and never go grocery shopping when you're hungry.
Don't cheat your future self by racking up the debt in your college years. Follow the recommendations in this article and you will finish college with little or no debt. You'll be grateful you did!
NOTE: Use of this article requires links to be intact.
Being a college student herself, Elise Fisher enjoys writing articles for her website About Student Loans. Don't miss the Managing Student Debt page.
This article is free for republishing
Printed From: http://www.articlealley.com/article_192795_19.html
Back to the original article
Tags: optimist, local businesses, internet sites, many different reasons, chamber of commerce, talents, bad habits, bad habit, retail stores, higher education, debt problems, good habit, scholarships, student loan, scholarship, university students, high paying job