In recent years, many students face problems of paying for college. One option is to look for a student loan. Students can apply for one from the federal government or from some private college loan provider. The loan will have to pay it back eventually and with interest. Most students, when they are enrolled in a college course, feel very hopeful about their future. But not all of them are able to have a career as brilliant as they expect it to be. In these cases paying back the loan becomes more difficult. An average a person spends around 10 years paying back their student loan. Those who can’t find jobs good enough to help them earn beyond their day to day needs, really fall in the trap of financial debt and spend most of their lives working hard to make never ending loan payments.
If some students drop out, for some unfortunate or unexpected reason, the situation becomes even worse. Without a college degree their job and earning prospects become even bleaker and for these students it becomes harder to escape the student loan trap. The loan becomes a big problem for the rest of their life, especially if they also accumulate a other extra debt as well. Here are some suggestions on how to cut the risk of having a large student loan debt.
First of all try, to get some student grants or scholarships rather than a student loan. There are many types of scholarships available with various colleges, universities, Education department of the government and even state education departments offer all types of scholarships. Search for scholarships and grants in the office of the college or on the Internet and find out the qualifications needed to apply for them. While most of these are based on merit and good grades; there are many which are granted solely on the basis of financial need. There are also grants and scholarships based on the area of study. Students can apply for all of the qualifying scholarships and try to seek as much money for grants as possible.
Students can also look for some part time employment to help pay for college tuition. Having a part time job will increase income as well as bring work experience.
Lastly, if you have a student loan due after finishing college, another options is to apply for a loan forgiveness. This option is available for individuals working for certain government agencies. Loan forgiveness is also granted on the basis of your college degree and field of study.
The best thing to do is to look for a scholarship first rather than a student loan, this way you can save on money and interest and not be so in debt once you graduate.