Monday, May 25, 2015

Student Loans - The Trap And What You Can Do To Avoid It

In recent years, many students are facing problems in paying for college. One option in this case is to look for a student loan. You could get them from the federal government or from some private college loan provider. You will have to pay it back eventually and with interest. Most students, when they are enrolled in a college course, feel very hopeful about their future. But not all of them are able to have a career as brilliant as they expected it to be. In these cases paying back your student loan becomes more difficult. An average person spends around 10 years in paying back their student loan. Those who can't find jobs good enough to help them earn beyond their day to day needs, really fall in the trap of student loan and spend most of their life working hard to make never ending student loan payments.

If some students drop out, for some unfortunate or unexpected reason, the situation becomes even worse. Without a college degree your job and earning prospects become even bleaker and for these students it becomes harder to escape the student loan trap. Student loans become big trouble for the rest of your life, especially if you accumulate a little extra debt as well. Here we will present some suggestions about what you can do to avoid it.

First of all try, to get some student grants or scholarships rather than a student loan. There are many types of scholarships available with various colleges, universities, Education department of the government and even state education departments offer certain types of scholarships. Search for scholarships and grants in the office of your college or on the Internet and find out what you can do to qualify for them. While most of these are based on merit and you need good grades to qualify for them; there are many which are granted solely on the basis of financial need. There are also grants and scholarships based on what you are going to study. Apply for all of the qualifying scholarships and try to seek as much money of grants as possible because ultimately you have to pay for your books, accommodation, transportation and food as while your stay at college.

If you fail to seek any financial grant or scholarship or you still need more money for paying for your college expenses, try to avoid the student loan trap and instead start working on a part time basis at a small job, which will bring you money as well as experience. If this is not possible for some reason or even after this you need money for your expenses, you might go for a student loan as a last option. But keep in mind; it will become due as soon as you are out of college.

Lastly, if you have student loan due, after finishing your college try to look out for the ways you can avoid student loan trap without paying back the loan amount. One of the options is that you may apply for loan forgiveness. This option is available for individuals working for certain government agencies. Loan forgiveness is also granted on the basis of your college degree and if you qualify for it, you can get out student loan trap for free.

It is better to look for a scholarship rather than student loan because you will have to pay it back with interest. So, try to avoid it.


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