Best Way to Handle Student Loans
Student loans can become a college graduate's worst nightmare. According to research, the average Class of 2016 college graduate has $37,172 in student loan debt. If you think that's crazy, here is another stat for you. It is estimated that the total amount of outstanding student loan debt is $1.45 trillion spread out amongst about 44 million borrowers.
In this article, we discuss ways to deal with student loans if you have yet to enter college or currently in college.
Only borrow what you need.
Most students borrow more money than they need because they would like to get a huge refund check. Some students depend on their college refund to live, along with other circumstances. However, if possible, do not borrow any more money than you absolutely need. Why? Those refund checks are not free money. YOU HAVE TO PAY THE MONEY BACK. IT – IS – NOT – FREE – MONEY!
Save those refund checks.
If you do receive refund checks, save as much as you can, and use the money for necessities. It will be tempting to go out and buy the latest fashion or other wants, but be careful. Every cent counts.
Find alternative ways to pay for school before settling for loans.
The more loans you have, the more debt. Find alternatives such as fellowships, scholarships, and maybe a part-time job to help cut the cost of school. You can also take advantage of work-study programs.