Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
If you're convinced that you do need a college degree for that "dream career," the critical thing is to keep your student loans to the very minimum. This may come under the category of, well duh, but the less money you borrow the less you will have to repay.
Talk with your financial aid officer
Before you sign on the dotted line for a student loan be sure to discuss the alternatives with your financial aid officer. It's possible that there is other forms of aid such as a work grant that could help you reduce the amount of money you will need to borrow. In addition, there might be scholarships available that you were never made aware of.
Get a job
Once you get settled into school you might get a part-time job. College towns almost always have openings in food service and retail. It could be tough to work, say, 20 hours a week while carrying a full course load but it is possible. If you get one of these jobs be sure to use the money to help pay for next semester's costs. Jobs in food service and retail generally pay about $9 to $10 an hour, which might not seem like much. But if you were to work those 20 hours a week this would be around $150 after taxes or a total of roughly $2100 you would have available to apply toward next semester's costs.
Graduate in four years
A second important thing you could do to keep those student loans to a minimum is graduate in four years or less. A mistake that many students make is changing majors in mid-stream, which almost inevitably leads to a fifth year of college. If you know what this year will cost you, try multiplying that number by five instead of four and you'll see how much more debt you'll end up with. The courses you take in your first year or two should help you decide on your major. But think this through very carefully before you declare because if you were to change your mind during or after your junior year you'll end up piling on much more debt. You might also think about trying to graduate in less than four years. Of course, it would cost you more to take on maybe 18 credit hours for a couple of semesters instead of the standard 15. But if you got out of college just a semester early you'd more than make up the extra cost in what you would save in living expenses. Plus, this would give you an earlier start on getting a job vs. most of your colleagues.
Don't switch schools
Do not switch schools unless it’s an absolute necessity. If you do this it will take you longer to graduate, which means you will graduate with more debt. One recent study showed that students that transferred to a new school ended up with about $3400 more debt than those that stayed put.
Finally, here’s a short video, courtesy of National Debt Relief, with good information about student loans and how to determine how much you may need to borrow.