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How do I manage money to pay off student debt?

Asked Hercules, California

The particular school I am going to has a very steep tuition. How can I make sure that I am not submerged in debt? #money #debt #scholarships #scholarship #financial-aid

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Taj’s Answer

Updated Washington, Washington


Many students will leave school with student loan debt - it's just the reality of our higher education system today. But here are some things you can do to reduce your student loan debt:

1) Only borrow what you need. I cannot stress this enough.

2) Make payments on your loans while IN SCHOOL. Most students wait until they enter repayment before making payments. Remember, if you pay on your loans while in school, you'll leave school with less debt.

3) Pass all of your classes! This may seem like a no-brainer, but any extra time you have to spend in school could mean more loan money needed. Keep in mind that some aid may be merit-based, so failing classes can make you ineligible for certain aid that would have reduced the amount of loans needed.

4) Apply for outside scholarships. As mentioned in #3, some aid is merit-based. You could earn money that could reduce your dependence on loans.

5) Be smart about your options. Try to limit changing your major multiple times or transferring schools (as these can prolong the time you are in school) and really focus on doing well in school and graduating in a timely manner.

Finally, 6) See if you qualify for federal work-study where you can work on campus and earn some money doing so.

Hope this helps!

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