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College students, no matter what age they are, can feel the stress when it comes time to paying back college loans. College isn’t cheap, no matter where you go, and unless you have a full ride or some good scholarships (or maybe some savvy parents that saved up money for your college fund), you will have to get loans and those loans will need to be paid back.

There are a lot of resources for college students available online, including information on financial aid. You can find assistance prior to attending college, once you are in college and even after college is finished, when it’s time to pay back the lump sum of your loans.

Just remember, you do have to pay that money back, no matter how many times you sign up for deferment or forbearance.

Avoiding or Minimizing Student Loans

Some of the most important things to consider before you head off to college and sign a bunch of loans are how you are going to pay those loans back and how you can alleviate some of the loans you are in need of. Loans are stressful, and the less you need to borrow the less you need to pay back.

Apply for as many scholarships as you qualify for. These will help you pay for college with money you don’t need to pay back. Some employers offer tuition reimbursement if your degree is something that will help you be more of an asset to them. Look into this, talk with your manager.

You can also apply for grants, which are another great resource for college students. Grants are available for many and they don’t need to be repaid.

If you to school part-time and work while you attend you can make regular payments to the loans you do need to get and you might have school paid off by the time you finish. You could also opt for a work study program.

How To Handle Student Loans Responsibly

One mistake that many college students with loans make, which adds more stress to their lives, is spending the stipend they get through their loan provider. That just racks up your owed money more and you risk the possibility of exceeding your loan limits. No more loans means no more college if you don’t have money put away to pay for your courses, books and other fees.

If you have no other option than getting a loan, you can also get subsidized loans. The Federal Government pays the interest on this type of loan, which lets you spend just a little less money.

When you get a stipend, use it to pay back that portion of your loans. It might not go a long way, but it helps keep your interest covered and will save you some stress in the long run.

Ignoring your loans is not an option, since that is money you used and the government expects you to pay back. It can ruin your life. Unpaid loans lead to bad credit, which can mean you can’t get a car or a home. And those aren’t even the worst things that can happen. Imagine being on the run because of your unpaid college loans!

Use all of these resources for college students to make sure you get all the information you can before you start college, or sign any papers, and you just might save yourself a huge headache. Talk to your college adviser and college loan officers. Find out your options. Don’t fall into the college money pit.

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