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Are student loans hard to pay off?

I have to take out student loans for college. #student-loans

student-loans
Thank you comment icon Student loans can be very difficult to pay off because their cost rises every interest period. Student loans only go away when you die or pay them off. If you are looking to make them easier to pay off, here is my advice: 1. Always pay more than the minimum monthly payment :this allows you to pay on the principal (actual loan) not just the interest 2. Save as much money as possible if you have a subsidized loan, so you can pay a large sum as soon as you graduate. (Pay ASAP if your loan is unsubsidized) 4. Try to work in college, or get a job right out of it. You can't pay for things without income. 5. Try to build your credit score. It might allow for the next year's loans to have a lower interest rate. Kiara
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Darcy’s Answer

Great question, Cassie!

I wish someone would have talked to me about this more when I was considering college. 


Some suggestions:

* Make sure you study for the SAT - there are lots of sites where you can study, answer practice questions. Lots of scholarships are available once you hit 1200 on the SAT, so if you can get scholarships, you can save your money that way.  


* Look for other scholarships you qualify for - there are lots of scholarships out there for sports, music, clubs you may qualify for. 


* Look into work study - sometimes you can reduce the amount needed for a loan by entering a work study program at your school that allows you reduce your tuition through working at the college. 


* Only take what you need. Some students live off their student loans, but I would not advise this - you are going to be paying them back later, so do yourself a favor and take out the minimum amount you need. 
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Billy’s Answer

Student loans are a great resource to assist students who need financial assistance to obtain a degree.


Student Loans can be difficult to pay off if you go into taking the loan irresponsibly.


Only take what you need, at the beginning you will probably be offered a large lump sum when being approved for a student loan. Make sure to use these loans only for classes and books. If there is anything left, place it into an account and only use for future classes.


Once you start working make sure you place a portion of your profits aside to payback the loans and if possible begin repaying the loans while in school. This will help save on some of the interest you will be charged if you wait till the end.



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Rick’s Answer

I think it depends on how much student loans you have and how much money you are making once you graduate. If you have the opportunity to live with family after completing college, then this would help tremendously in paying off student loans. If you are fortunate enough to not have to pay rent by living with family, then you can dedicate most of your income to paying off the student loan. Pay off the loan as fast as you can by paying more than the monthly amount due and by making extra payments when possible. It is important to obtain your degree efficiently- meaning do not take unnecessary courses and try to be certain about your major early on. Also try to get an idea of what your post college pay will be like, so you can get an idea of how much student loan debt you can really afford. If student loans are your only means of funding your college education, do not be discouraged about it, it will be totally worth it in the long run and paying it off will not be so bad.
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