As a college student, there’s very little doubt that you’ll end up with some sort of student debt. While college is a big and exciting step in your life, nothing ruins it faster than graduating only to find you owe years and years of money to student loans.
That’s why it’s so important for students to get a financial education before they even head off to college. As a college student, you should already know how to budget, save money, and know the importance of paying bills on time, every time, to build and maintain your credit. That’s also why you should work hard to avoid student debt as much as possible. In this blog post, you’ll find a few tips for doing just that.
Start Saving in High School
While your parents have probably been saving for quite a bit to help fund your college days, it can’t hurt for you to start saving as well. If you have a part-time job in high school, save part of every paycheck up for your college tuition and the expenses you’ll have there.
If you do get in a fix with your student loans after you graduate, search for debt relief through a strategic debt consulting company as soon as possible, instead of just letting the late fees and interest pile up. Look up local loan places to schedule a meeting or consultation with a professional who can explain all the angles and plans available when it comes to restructuring debt.
Make Good Grades in High School
One way to avoid a ton of student debt is by making good grades all through high school. There are quite a few academic scholarships offered for those who excel in school, and you could get one of them. Of course, there are also athletic and other types of scholarships available to those who qualify.
Fill out the FAFSA
FAFSA stands for a Free Application for Federal Student Aid and it’s just that, free aid. It’s money that you don’t have to pay back, if you qualify for it, and helps with things such as tuition, books, and other school-related stuff. While it may not cover everything, this will cover quite a bit. The rest you can make by working part-time or applying for a very small amount of student aid that will need to be paid back after you graduate.
Live at Home
While many college students don’t want to hear this, sometimes living at home is the best way to avoid student debt. You don’t have to pay for room and board, your parents will feed you, and many times you don’t even have to work until you graduate. Living at home while you go to college is a major money saver.
Stay Away From Credit Cards
Credit card companies often prey on college students knowing that they’ve never had a credit card before and that many don’t understand how they work. It’s best to avoid credit cards while you’re in college, and even when you get out of college if at all possible. The interest rates are high, and once you miss a payment it’s almost impossible to catch up.
Explore All Your Options
While there’s no surefire way to pay for your college out there, there are quite a lot of options to consider. Don’t decide that a student loan and getting into debt is the only way to go until you see what else is available and what you qualify for. From AP classes to scholarships and from financial aid to living at home, there are things you can do, so don’t give up.
These are just a few ways that you can avoid student debt when it’s time for college. Remember, start saving early so you can get the education you deserve without getting into debt you can’t pay off.