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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
http://www.emigrantdirect.com (5.05%). 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
http://www.scholarships.com and
http://www.scholarshiphelp.org.
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.
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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About The
Author
Harrine Freeman is the CEO of H.E. Freeman Enterprises,
a credit repair and personal finance services company
and author of "How to Get Out of Debt: Get an "A" Credit
Rating for Free." Visit
H.E. Freeman Enterprises |
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