8 Ways to Pay Off Student Loans Debt by snoopdoggywuf


									Title: 8 Ways to Pay Off Student Loans Debt

Source: http://financeequityloans.com

Category: student loans

Article body:
A recent study by the National Center for Education Statistics shows that
50% of recent college graduate have student loans, with an average
student loan debt of $10,000. The average cost of college increases at
twice the rate of inflation. With the rising costs of college it is
difficult for aspiring colleges students to get enough scholarships and
grants to pay for college and basic necessities. More and more college
students are forced to use credit cards to pay for basic essentials such
as books and school supplies. According to the United Marketing Service
(UCMS) the average number of credit cards per student is 2.8.
Here are 8 ways to help with paying 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. Each summer throughout your college education, get a
job or internship. Save half the money in a high interest savings account
such as www.emigrantdirect.com (5.05%) or 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 saved during all 4
years to pay down your college debt.
3. Use caution 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. In addition, you may not be eligible for various student loan
forgiveness programs if you consolidate your student loans.
4. Exchange work to reduce debt. Perform volunteer work or work for the
following in exchange for reducing student loan debt: teaching in certain
locations with low-income students or areas with shortage of teachers,
providing legal and medical services in low-income areas or working for
Americorps or the Peace Corps.
5. Get a work-study job. To help pay for the costs of college get a work-
study job on campus to help defray the cost of college. Go to your campus
employee office to ask about their work-study program. Work study Jobs
pay at least the minimum wage for that state.
6. Apply for lots of scholarships. In recent years, money has been
reduced from the budget for college scholarships so it is harder to get a
scholarship to go to college. You can increase your changes of getting a
scholarship by completing as many scholarship applications as you can. If
you complete at least 50 you should receive at least 5 scholarships.
Also, go to your campus financial aid office and ask about financial aid
programs that the schools provides to students. Become friendly with the
financial aid office employees who will alert you to financial aid
programs when they become available. You can also search the internet for
scholarships. Some scholarship websites are www.fastweb.com,
www.scholarships.com, www.finaid.org, www.college-scholarships.com or
7. Apply for grants. Apply for as many grants and scholarships as
possible. You can also apply for federal grants such as the Federal Pell
Grant (Pell Grant), the Federal Supplemental Educational Opportunity
Grant (FSEOG) Program, Leveraging Educational Assistance Partnership
(LEAP), and National Science Scholars Program. Some grant websites are
www.scholarships-ar-us.org/grants/, www.scholarships-ar-
us.org/grants/women.htm, www.careersandcolleges.com.
8. Protect your credit. Try to avoid making late payments on your student
loans, if you do this will be reported on your credit report and can
remain for up to seven years. If you are having financial hardship call
the student loan company and inform them of your situation, ask for a
hardship or loan deferment to ensure your credit is not damaged until you
are able to start making payments again.

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