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A recent study by the National Center for Education Statistics shows that 50% of recent college graduates have student loans, with the average student loan debt being $10,000. The average cost of college rises at twice the rate of inflation. The rising cost of college makes it difficult for aspiring college students to get enough scholarships and grants to pay for college and basic needs. More and more college students are forced to use credit cards to pay for basic necessities like books and school supplies. The average number of credit cards per student is 2.8, according to United Marketing Services (UCMS).
Here are 8 ways to help pay off student loan debt:
1. Develop a plan. Develop a plan to pay off your student loan debt before you graduate.
2. Save your money. Get a job or internship each summer during your college education. Save half the money in a high interest savings account like http://www.emigrantdirect.com (5.05%) or http://www.ing.com (4.5%). After a few months, consult a financial advisor to earn the highest possible return on your money. After college, you can use the money you saved during all 4 years to pay off your college loans.
3. Be careful with consolidation. Consolidating student loans combines your loans into one payment but may or may not provide you with a lower interest rate. Do extensive research before consolidating your student loans. Additionally, you may not be eligible for the various student loan forgiveness programs if you consolidate your student loans.
4. Exchange works to reduce debt. Do volunteer work or work in exchange for reducing student loan debt: teaching low-income students or areas with teacher shortages, providing legal and medical services in low-income areas, or working for AmeriCorps or the Peace Corps .
5. Get a work-study job. Get on-campus work-study jobs to help defray college costs to help pay for college costs. Visit your campus personnel office to inquire about their work-study program. Work study jobs pay at least minimum wage for that state.
6. Apply for multiple scholarships. In recent years, money has been cut from the budget for college scholarships, so it has become harder to get scholarships to go to college. You can increase your chances of getting a scholarship by completing as many scholarship applications as possible. If you complete at least 50 then you should get at least 5 scholarships. Also, visit your campus’ financial aid office and ask about the financial aid programs that school offers to students. Be friendly with the financial aid office staff who will alert you when financial aid programs are available. You can also search the internet for scholarships. Some scholarship websites are http://www.fastweb.com, http://www.scholarships.com, http://www.finaid.org, [http://www.college-scholarships.com] Or http://www.scholarshiphelp.org,
7. Apply for a grant. Apply for more and more grants and scholarships. You can also apply for federal grants such as the Federal Pell Grant (Pell Grant), the Federal Supplemental Educational Opportunity Grant (FSEOG) program, the Leveraging Educational Assistance Partnership (LEAP), and the National Science Scholars Program. Some grant websites are http://www.scholarships-ar-us.org/grants/, http://www.scholarships-ar-us.org/grants/women.htm, http://www.careersandcolleges.com,
8. Protect your credit. Try to avoid making late payments on your student loans, if you do, it will be reported on your credit report and can remain for up to seven years. If you are having financial difficulties call the student loan company and inform them of your situation, hardship or loan moratorium to ensure you are able to start making payments again Ask for
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