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College Student Loan Debt Continued

Here are those promised tips from the last post on how to help reduce the amount of money you have to take out in student loans.

Many students have the equivalent of a mortgage in student loans when they graduate. If they went to a fancy private school and financed it mostly through loans, the total cost of the loan can end up being a couple hundred thousand dollars.

You can see how discouraging it would be for a student, or their parents, to have this sort of debt burden when they are just starting out in life and should have a clean slate to look upon their future with promise and hope.

Some of the tips you can use to avoid coming under a heavy student loan debt burden and effectively reducing that income you get from that sweet new job :

1.) Wait a year to go to school after high school, and work and save up money. This will reduce the overall amount you have to get in loans to pay for your expenses while in school.

2.) Go to a local community college for the first year or two to live at home and save money, then go on to the two year school of your choice. This is what I did and it saved me a boatload of money and I only had to take out a very small loan which I paid off in five years after I took it out.

3.) Look into state colleges instead of the more expensive private colleges. Often times you can get the same education for much less cost.

4.) SAVE UP YOUR MONEY before you go. And this goes for parents who are going to help their kids pay for school as well. The more you save, the less in loans you have to take out, and the less debt burden you or your child will have after college.

5.) Look into taking online courses for your first year or two of a preferred college, to at least save on room and board if you are looking at a college that is far away. Sometimes the online courses may be less expensive than classroom classes, sometimes not. It depends on the school.

6.) Try for grants and scholarships. Of course, this means that you either have to have stellar grades or sometimes fit into a specific demographic to qualify, but who knows what you’re eligible for until you try. These grants and scholarships can significantly reduce your debt burden from student loans.

There are ways to minimize college student loan debt, you just have to be as smart as possible about the choices you make.

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