Millions of people struggle with student loans when they graduate. Even if they make their monthly payments, research shows that over 60% of current student loan holders expect to be paying off their student loans in their 40s. A combination of high debt and high interest can extend the life of a loan.
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Keeping your finances tight and collected as a student is a pretty hard thing to do. You’re going to be living on your own for the first time which means that money is going to be flying out everywhere to keep you going, not to mention that you’re going to be on a limited budget! With that being said, there are a few things that you can do to make sure that your finances stay in the best condition that they can, so here’s a few ways to keep you in the green!
Have you got a plan for how you’re going to pay off your student loan debt? If not, it’s probably something that you should start thinking about. It’s not going to go away if you ignore it, so it makes sense to confront it in one way or another. When the sum is so big, it can be pretty daunting, but don’t let that scare you too much. There are always ways to whittle down and eventually pay it off.
The enormous costs of university, made worse by the rising costs of living, puts many people off furthering their education. However, there are several ways you can avoid student debt if you think further education is for you. Here are some of the best.
Choose Your Courses Wisely
Do your research and think about what it is you really want to do with your life. Don’t commit to longer courses, and higher fees, unnecessarily. For example, many people dream of becoming a physician, however a recent study showed many physicians actually recommend becoming a nurse practitioner instead. The careers of a nurse practitioner and doctor can be similar, and while being a physician pays more, it takes a lot longer to complete your training, and the working hours can be a lot more flexible for an NP. Do your research into the difference between nurse practitioner and doctor before you decide. This applies to many other career paths also.
Taking Out A Student Loan
If you are a student, you probably already know all about student loans. Student loans are loans that are available specifically for students to cover the costs of tuition and board. There are government student loans and private student loans. You need to apply for these and based on the amount of money available to your school, your family’s financial situation and the number of students that applied for loans, you will be offered a loan amount. Many people find that their student loans are not enough to get them comfortably through college and they need extra cash above and beyond what the loans offer. There are some smart finance solutions that you can consider to help you through.