Ways To Settle Student Loan Debt While In School

Settle Student Loan Debt

Flickr user frankieleon

Even after scholarships, grants, and federal work studies, college costs may not be fully covered.

Many students know that they are going to have to take a loan to make a college education possible, and the price for that is having to spend the next few years after graduation paying that that loan with interest. but if with a little bit of thought and planning you can minimize student loan debt at least a little.

Here are four things you can do:

Apply for as many scholarships and grants that you qualify for

Scholarships and grants give you free money. You don’t have to return them and neither do you have to worry about paying interest. The higher the award, the lesser the loan you have to take. This is the single best thing you can do to minimize student loan debt. Be sure to file the FAFSA as soon as you can.

Consider refinancing and/or consolidating your student loans

Financial situations change, and you need to be able to adapt with them. Refinancing and consolidating student loans will change your payment plans and interest rates—potentially to cheaper or money-saving extents, if you play it smart. Switching things up may benefit you in the long run.

Earn money freelancing in your area of expertise

There is a huge demand for freelancers in almost any medium you can think of, from writing and graphic designing. to web designing and photography, among others. With freelancing, you take on only as much work as you can handle for the week so you are not compromising on your school work.

Pay the loan interest whenever you have any extra money

You don’t have to wait till after you graduate to pay back the loan. The small interest amounts you pay will you are still in school will reduce your student loan balance considerably in the long run. Each month, pay back as much as you possibly can, don’t just automatically do the minimum.

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College Raptor Staff

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