Managing Student Loans
Acceptance into college means deciding how you will pay for it. For many students this means student loans. Currently there is over $1 trillion of student loan debt in the U.S. with an average of $29 000 per student.
Taking on student loan debt can be easy but careful planning is essential. Here are some options to consider before accepting loans:
Scholarships and Grants
Scholarships and grants are free money unlike loans which must be repaid. Millions of dollars in scholarship funds go unclaimed each year. Tips for finding scholarships include:
- Don’t let a less-than-stellar GPA discourage you—many scholarships are based on location field of study or other factors.
- Apply for small scholarships—every amount helps.
- Check with your high school counselor and your college’s financial aid office for lists of scholarships.
- After applying for known scholarships keep searching—you may find additional opportunities.
Partial and Delayed Loan Acceptance
You don’t have to take all loans offered or accept them immediately. Explore all funding options apply for scholarships save what you can and pay for items like books and meal plans with cash when possible to reduce loan amounts.
Understand Future Loan Costs
Before accepting any student loan use a loan payment calculator to estimate monthly payments after graduation. Compare this with your expected starting salary to ensure the debt is manageable.
If you or someone you know is struggling with student loan repayment visit studentloans.takechargeamerica.org for guidance and resources.
