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Last Updated on September 23, 2021 by Work In My Pajamas
College debt is a major concern for many college students. When young students are offered student loans in order to gain the ability to earn a college degree and improve their future job prospects, many of them are unaware of just how large an impact on their future earnings paying back loans, with interest, can have. In fact, it’s an open secret that many young people have a hard time telling the difference between scholarships, grants and loans. Many fail to realize that someday they’ll be required to pay loans back, and with interest added on. Luckily, here are a few ways students can minimize their college debt as they earn their college degrees.
Work and Study Simultaneously
Extremely successful professionals like Julio Herrera Velutini have proven that working while attending college is feasible. Not only that, but it can save students a lot of money down the line. It’s not necessary to have a full-time job in order to make this idea beneficial for students. Those who are concerned about not having sufficient time to attend school, study and work have the ability to work part-time for as many hours as they deem possible for them to work without it having a detrimental impact on their studies.
Earning any amount of money, no matter how small, and being able to contribute it towards college expenses will help students save money down the line. This is because loans need to be paid back with interest, so any decrease in the loan amount a student needs in order to be able to afford their degree reduces not just the loan principal, or original loan amount, but also the future interest on their loan principal that they’ll be required to pay back. The takeaway is that money adds up. Even if you can only work for ten hours a week, that’s something.
Take Advantage of Scholarships and Grants
There are many scholarships and grants available for students to apply for. Many students are actually leaving money on the table by not applying for scholarships and grants that they are eligible for. Scholarships are typically awarded based on academic achievement. Students with high GPAs can benefit greatly by applying for scholarships. Scholarships can provide thousands of dollars in funds that can end up saving students a lot of money and thus result in much less debt that they need to eventually pay back.
Grants help students minimize their student debt and save money, similar to scholarships. However, grants are typically awarded based on financial need, not academic achievements. This means that even students without the best grades can benefit and reduce the amount of debt they go into in order to earn a college degree.
Student debt is a major concern for people looking to better their lives by earning a college degree. Thankfully, there are ways to minimize college debt, such as working while attending college and applying for scholarships and grants. It’s important for college students to realize that they have these options available to them.
