Student Debt Management

By: Aelise Fisher


Most college students will deal with debt sometime during their higher education. However, this does not mean that we should be okay with racking up debt. This article gives a few tips on avoiding student loans, paying off student loans if you already have obtained them, and good cash saving habits.

Avoiding Loans:

Obtaining a scholarship or grant is the best alternative to getting a student loan. Scholarships can be found if you just look for them and they are given out for various reasons. You can find scholarships at the university you want to attend, at organizations in your area, and on the internet.

A few businesses and organizations that offer scholarships are the Lions Club, Optimist, Girls & Boys Club, and Retail Stores. Internet sites that will search for scholarships for you are FastWeb.com, Scholarships.com, and FreeScholarshipGuide.com. You can apply for a grant at fafsa.ed.gov.

A different alternative to getting a student loan is to use your skills to find a high paying full time job during the summer and a part-time job during the school year. Consider your abilities, talents, and skills to determine which job is perfect for you.

Repaying Loans:

If you follow this simple advice you will be able to pay off your student loans quickly and painlessly. It may be hard for the first little while, but once you get into the habit, you'll be glad you did:

-Lock in a Low Rate: It takes time to find a low rate but it will save you a lot of money in the long run.

-Pay Through School: Many student loans don't obligate you to pay through school, however, you should do it anyway. This can save you a lot of money.

-Never Miss a Payment: Bad habits are easy to form and hard to break. Don't get into the habit of missing payments.

-Pay More than the Minimum: If you pay more than the required amount you'll be out of debt in no time.

Money Saving Habits

The majority of debt problems come because of the complacent way we spend our money. Myriads of students just scrape by no matter how much or how little they make. This is because they have bad spending habits.

A great way to break these habits is to form new ones. Try looking for sales, buying from discount stores, eating out less often, and going to matinees instead of evening movies. Some movie theaters even offer discounts to students. If you can, rent a shared apartment. Try to live without a vehicle and ride a bike or walk instead. This will save you a lot of gas money. Whenever you go shopping consistantly ask yourself "Do I truly need it?" before you put any item into your cart and never shop for groceries if you are hungry.

Do not cheat your future self by racking up the debt during your college years. Listen to the advice given in this article and you will finish college with little or no debt. You will be glad you made the decision!

NOTE: Use of this article requires links to be intact.


A college student herself, Elise Fisher loves writing articles for her website About Student Loans. Be sure to check out the Managing Student Debt page.