Saturday, September 8, 2012

How To Graduate Without Student Loan Debt

Student loan debt is a growing problem. The rising cost of a college education coupled with ever tighter finances for many families is forcing many college students to take out student loans to pay for classes and books. Many are also using student loans to pay for some or all of their living expenses while in college. While student loans can help you to make paying for college more affordable, these are loans that you may be paying on for many of your working years after college. Avoiding them now while you are in college can help you to enjoy a more financially secure life in the future. How can you graduate without student loan debt?

Live With Your Parents

One step that you can take involves living with your parents. When you live with your parents while in college, you don’t have to pay room and board at a dorm, and you don’t have to contend with utilities, buying your own food and other expenses. Living expenses can quickly mount, but you can eliminate the need to pay for most of them by simply staying under your parents’ roof. While there may be more of a commute for you when you live at home, the cost of a commute is often negligible compared to the cost of paying for living expenses when living on or just off campus in your own place.

Live Frugally

Another way to save money while in college and avoid falling into debt is to live frugally. College is a time to enjoy yourself, and this is a time to make great memories with friends as a young adult. However, going out to eat regularly, going to nightclubs or bars, buying new clothes and more can create a lifestyle that is costly to maintain. You can choose to wear your clothing until it needs to be replaced rather than constantly update your wardrobe. You can also go out with your friends only periodically rather than every time they do in order to save money on your entertainment expense.

Get a Part-Time Job

Even when you choose to live at home and live frugally, you will still have the actual cost of your college tuition and books to contend with. In order to avoid debt, you need to have the financial means to pay for these expenses on your own. One option to consider is to get a part-time job. You can work regularly each week and save up a portion of your paycheck to be used for tuition and books each semester. Work additional hours during your semester breaks when you have time to do so. Even with the best efforts at managing your expenses and working at a part-time job, you may still run into money problems. When you need cash right away, consider applying for quick cash loans from a loan company. Instant cash loans can provide you with an immediate source of money to pay for unexpected expenses, a shortfall for your tuition or books and other related expenses. You will have to pay the money back, but these loans can provide you with the immediate cash you need. We recommend visiting to receive a loan today.

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