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Chloe
Student
Fremont, Nebraska
1
Question
Updated
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What is the best way to pay off student debt while still in school?
I am currently a sophomore at Midland University in Fremont, NE. Midland is a private school so it is very expensive and I am worried about how I am going to pay off my loans.
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2 answers
Leah Sarnicola
Project Manager
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Grand Rapids, Michigan
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Leah’s Answer
Hi Chloe, nannying and babysitting can be a great way to help supplement your income. That role can be flexible and also give you time to get homework done if you babysit into the evening. Best of luck to you at Midland.
Michelle M.
Actress
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Michelle’s Answer
Hello, Chloe !
Congratulations on starting college at Midland University ! That is exciting !
If you received your students loans through the Federal Student Financial Aid program, you do not have to pay these loans back until you graduate. Most times, there's also a grace period of six months and after those six months is when one has to start paying back the loans. Rest assured. You do not have to pay on the loans for quite some time yet.
A couple of things. First, read the papers you signed for the loans that spell out the information. Secondly, I don't know how much things may be different today, but when I was in college decades ago, right before you graduate, they called students in for a classroom meeting to inform the students all about how the loans are supposed to be paid back. You can ask questions at this meeting - if they still hold these sort of exit information meetings. If you have any questions and to double check this information, speak with your on campus Financial Aid Officer as they are experts with this.
The good thing about going to Midland is that they offer their students scholarships in four categories. These paths are Athletics, Arts, Honors and Presidential Scholarships. You can speak with your on campus Academic Counselor about this and you may find applications for these scholarships on your student online portal.
There are many other Scholarships and Grants you can apply for offered by groups off campus, too. As you know, you won't have to pay back on any scholarships or grants. I would advise applying for as many scholarships and grants as possible so you can turn down some of the loans. I understand that Midland has very high tuition and it may not be doable to rely on scholarships and grants alone, but it's good to know that Midland has a quite low student loan default rate of 6%, which is good thing because it reflects that most of Midland's students find it doable to pay back their loans when the time for that comes.
Look into The Nebraska Opportunity Grant and also the Marylinn Munson & Bio Nebraska STEM Scholarship, Tzu Chi USA Scholarship, and the Nebraska Education Scholarships. These last three are specifically for students enrolled in a private college in Nebraska. I have also left website links below for other scholarships. The more you apply for, your chances will increase for obtaining some.
So it's not necessary to think about paying back your loans yet. As long as you are a full time student, you won't have to pay them back. Right now is the time to review the literature from the loans you have now so you can get an idea of the information. Apply for many, many scholarships and grants to off-set the amount of loans you have to take out. Always consult with your on campus financial aid officer for help with college costs.
I hope this helps and I wish you all the best !
NEBRASKA STUDENT GRANTS FOR COLLEGE https://www.collegescholarships.org/grants/states/nebraska.htm
37 NEBRASKA SCJOLARSHIPS https://scholarships360.org/scholarships/nebraska-scholarships/
NEBRASKA SCHOLARSHIP OPPORTUNITIES BY CATEGORY - SEE IF YOU QUALIFY IN ANY OF THE CATEGORIES https://www.education.ne.gov/migrant/family-and-community-engagement-mep/scholarship-opportunities/
NEBRASKA COLLEGE GRANTS https://www.collegegrants.org/nebraska-college-grants.html
Congratulations on starting college at Midland University ! That is exciting !
If you received your students loans through the Federal Student Financial Aid program, you do not have to pay these loans back until you graduate. Most times, there's also a grace period of six months and after those six months is when one has to start paying back the loans. Rest assured. You do not have to pay on the loans for quite some time yet.
A couple of things. First, read the papers you signed for the loans that spell out the information. Secondly, I don't know how much things may be different today, but when I was in college decades ago, right before you graduate, they called students in for a classroom meeting to inform the students all about how the loans are supposed to be paid back. You can ask questions at this meeting - if they still hold these sort of exit information meetings. If you have any questions and to double check this information, speak with your on campus Financial Aid Officer as they are experts with this.
The good thing about going to Midland is that they offer their students scholarships in four categories. These paths are Athletics, Arts, Honors and Presidential Scholarships. You can speak with your on campus Academic Counselor about this and you may find applications for these scholarships on your student online portal.
There are many other Scholarships and Grants you can apply for offered by groups off campus, too. As you know, you won't have to pay back on any scholarships or grants. I would advise applying for as many scholarships and grants as possible so you can turn down some of the loans. I understand that Midland has very high tuition and it may not be doable to rely on scholarships and grants alone, but it's good to know that Midland has a quite low student loan default rate of 6%, which is good thing because it reflects that most of Midland's students find it doable to pay back their loans when the time for that comes.
Look into The Nebraska Opportunity Grant and also the Marylinn Munson & Bio Nebraska STEM Scholarship, Tzu Chi USA Scholarship, and the Nebraska Education Scholarships. These last three are specifically for students enrolled in a private college in Nebraska. I have also left website links below for other scholarships. The more you apply for, your chances will increase for obtaining some.
So it's not necessary to think about paying back your loans yet. As long as you are a full time student, you won't have to pay them back. Right now is the time to review the literature from the loans you have now so you can get an idea of the information. Apply for many, many scholarships and grants to off-set the amount of loans you have to take out. Always consult with your on campus financial aid officer for help with college costs.
I hope this helps and I wish you all the best !
Michelle recommends the following next steps: