Are student loans hard to pay off?
I have to take out student loans for college. #student-loans
3 answers
Billy’s Answer
Student loans are a great resource to assist students who need financial assistance to obtain a degree.
Student Loans can be difficult to pay off if you go into taking the loan irresponsibly.
Only take what you need, at the beginning you will probably be offered a large lump sum when being approved for a student loan. Make sure to use these loans only for classes and books. If there is anything left, place it into an account and only use for future classes.
Once you start working make sure you place a portion of your profits aside to payback the loans and if possible begin repaying the loans while in school. This will help save on some of the interest you will be charged if you wait till the end.
Darcy Alexandra Spence
Darcy Alexandra’s Answer
Great question, Cassie!
I wish someone would have talked to me about this more when I was considering college.
Some suggestions:
* Make sure you study for the SAT - there are lots of sites where you can study, answer practice questions. Lots of scholarships are available once you hit 1200 on the SAT, so if you can get scholarships, you can save your money that way.
* Look for other scholarships you qualify for - there are lots of scholarships out there for sports, music, clubs you may qualify for.
* Look into work study - sometimes you can reduce the amount needed for a loan by entering a work study program at your school that allows you reduce your tuition through working at the college.
* Only take what you need. Some students live off their student loans, but I would not advise this - you are going to be paying them back later, so do yourself a favor and take out the minimum amount you need.
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