Tame your college debt
Taking a student loan is a necessity that most students cannot do without. However, that doesn’t mean you should reel under a debt spell from which there is no escape. Yes, debt is inevitable but there are a few things you can do to reduce your debt burden. One of the first things you can do is understand your financial aid package. Some scholarships or grants require students to maintain a certain grade point average or some other caveat to keep their funding.
Students should not stop exploring grant and scholarship opportunities even after being accepted as a freshman. It may take an investment of time, but it can yield great benefits. Web sites and your financial aid advisor can offer places to look for these opportunities. Mywebtimes.com reports:
Do not borrow more than you need. While you may be preapproved for a certain loan amount, that doesn’t mean you have to take it all. And do not borrow money for unnecessary items, such as spring break vacations or a new car. All of that money has to be repaid — with interest.
Read more: 7 tips for taming college debt
If you enjoyed this article, please bookmark it at del.icio.us »
July 4th, 2006 at 2:14 pm
This is true that unnecessary debt will not be helpful for the student rather it will be a burden that may have a negative impact on the study. If the student can be able to run his expenses by his own then he or she should keep away from taking loan. Borrowing money for a luxurious life style may be a curse to a student’s life. Financial aid advisor should make the student understand the impact of excessive loan on life. Lenders also should investigate more whether the student is really needy or not as they think it as their moral responsibility.