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Lily
Student
Loganville, Georgia
1
Question
Updated
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How can I reduce the amount of student loans I have to get?
I am a 12th grader going to college in the fall. I have committed to a private school for my undergrad, but I am stressed about the amount of debt that I will have for the next few years. Does anyone have any tips on how I can reduce the amount of money I will owe by the time I leave? #Spring25
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Gabriella McKanna
1
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Gabriella’s Answer
Hi Lily,
This is a great questions and something really important to think about before going to college.
If this is for sure the college you are going to, I would make it your full-time job to apply for scholarships. Your school counseling office should have a list of local scholarships you can apply for, and you can also do general searches on Google for scholarships for national resources. Honestly, exhaust all your resources. Even your local chamber of commerce might have some ideas for local companies that offer scholarships. Your college of choice likely has scholarships you can apply for as well.
I would also suggest, when you take out student loans, if you are able to, pay down the interest on your unsubsidized student loans. There are two types of student loans: subsidized and unsubsidized. For subsidized loans, your interest is paid by the federal government while you are in school. For unsubsidized, it is not. It accrues while you are in school and is capitalized into your overall balance when you graduate, and you end up paying interest on your interest. It can greatly increase the amount you pay over time. This may not be possible for you. It wasn’t possible for me as I needed every penny to live off of while I was in school. But, something to think about and keep in mind!
My other suggestion to you would be to consider if this is the school you want or need to go to. Private schools can be pricey, although sometimes that price tag comes with really good financial aid. If that’s not the case for you, looking at a state school or even a local community college to get started may be a more financially affordable path. I promise you that unless you’re going to Harvard or something, the school you got your degree from won’t matter all that much in the end.
Hope this helps! Good luck in your college career!
This is a great questions and something really important to think about before going to college.
If this is for sure the college you are going to, I would make it your full-time job to apply for scholarships. Your school counseling office should have a list of local scholarships you can apply for, and you can also do general searches on Google for scholarships for national resources. Honestly, exhaust all your resources. Even your local chamber of commerce might have some ideas for local companies that offer scholarships. Your college of choice likely has scholarships you can apply for as well.
I would also suggest, when you take out student loans, if you are able to, pay down the interest on your unsubsidized student loans. There are two types of student loans: subsidized and unsubsidized. For subsidized loans, your interest is paid by the federal government while you are in school. For unsubsidized, it is not. It accrues while you are in school and is capitalized into your overall balance when you graduate, and you end up paying interest on your interest. It can greatly increase the amount you pay over time. This may not be possible for you. It wasn’t possible for me as I needed every penny to live off of while I was in school. But, something to think about and keep in mind!
My other suggestion to you would be to consider if this is the school you want or need to go to. Private schools can be pricey, although sometimes that price tag comes with really good financial aid. If that’s not the case for you, looking at a state school or even a local community college to get started may be a more financially affordable path. I promise you that unless you’re going to Harvard or something, the school you got your degree from won’t matter all that much in the end.
Hope this helps! Good luck in your college career!