Saturday, March 7, 2015

Ways you can Reduce Costs in College and Minimize your Student Loan

Education loans during college
As of today, college expenses are considered by many, and are indeed among the top most expenses that parents, guardians or students have to live with. So while some parents start saving for their child's college education as soon as s/he is born, the not so fortunate kids have to work extra hard so as to benefit from student loans and/or scholarships. But as we all know, student loans are expensive, scholarships are hard to come by and, money is and can never be enough. It's for these reasons that as a student, you have to come up with smart ways that are guaranteed to enable you reduce your college costs and minimize your student loans. In this case, the top 5 ways through which you can make this happen is by:

1. Comparing Housing Options: It's understandable that a number of students desire to live off campus. But since living off campus is bound to present you with a whole load of other expenses, such as transportation, food and other utilities, it's best that you live in a dorm or, commute - just in case your home is close by.

2. Not Buying New Textbooks: Although new textbooks may be of the latest editions, they are no different from older ones. Thus, instead of spending too much money buying new ones, why not buy used ones or rent some from your school? Not only is the latter option cheaper but also rewarding as once you are done using them, you can re-sell them. Alternatively, you could consider downloading their soft-copies to your eReader or computer.

3. Finding Alternative Ways of Making Money: Instead of spending all your college fund(s), why not find ways of making more? For instance, you may try getting a part-time job, or you can apply for a Resident Advisor position (this will help you save on your room and board) or, you may apply for a work-study program. Just in case you have no time doing any of the above, you could try finding work during the summers.

4. Exploring Various Aid Options: With so many easy scholarships to apply for available to college students, it's very likely that you'll come across a number of them that suits your financial needs. Aside from the national scholarships that target all students, you should also visit your specific school's Financial Aid Office and inquire if they are offering student aid. In case you don't qualify, try and meet the set conditions so that you can re-apply come the next semester or academic year.

5. Using your Student Loan Responsibly: Whenever you are left with some extra student loan money, don't squander it. Instead, have it returned to the lender. That way, you will have lesser money to pay back after you have graduated. Other alternative ways through which you can reduce costs while in college as well as minimize your student loan include making sure that you graduate in time - the lesser time you spend studying, the lesser the money that you will need to spend; using campus or public transport rather than bringing your car to school and of course; avoiding the use of credit cards.

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