| A recent study by the National Center for Education | | | | Peace Corps. |
| Statistics shows that 50% of recent college graduate | | | | 5. Get a work-study job. To help pay for the costs of |
| have student loans, with an average student loan debt | | | | college get a work-study job on campus to help |
| of $10,000. The average cost of college increases at | | | | defray the cost of college. Go to your campus |
| twice the rate of inflation. With the rising costs of | | | | employee office to ask about their work-study |
| college it is difficult for aspiring colleges students to get | | | | program. Work study Jobs pay at least the minimum |
| enough scholarships and grants to pay for college and | | | | wage for that state. |
| basic necessities. More and more college students are | | | | 6. Apply for lots of scholarships. In recent years, |
| forced to use credit cards to pay for basic essentials | | | | money has been reduced from the budget for college |
| such as books and school supplies. According to the | | | | scholarships so it is harder to get a scholarship to go |
| United Marketing Service (UCMS) the average number | | | | to college. You can increase your changes of getting a |
| of credit cards per student is 2.8. | | | | scholarship by completing as many scholarship |
| Here are 8 ways to help with paying off student loan | | | | applications as you can. If you complete at least 50 |
| debt: | | | | you should receive at least 5 scholarships. Also, go to |
| 1. Develop a plan. Develop a plan to pay off your | | | | your campus financial aid office and ask about financial |
| student loan debt before you graduate. | | | | aid programs that the schools provides to students. |
| 2. Save your money. Each summer throughout your | | | | Become friendly with the financial aid office employees |
| college education, get a job or internship. Save half the | | | | who will alert you to financial aid programs when they |
| money in a high interest savings account such as | | | | become available. You can also search the internet for |
| (5.05%) or (4.5%). After a few months, consult a | | | | scholarships. Some scholarship websites are [ or |
| financial advisor to earn the highest possible return on | | | | 7. Apply for grants. Apply for as many grants and |
| your money. After college, you can use the money | | | | scholarships as possible. You can also apply for |
| saved during all 4 years to pay down your college | | | | federal grants such as the Federal Pell Grant (Pell |
| debt. | | | | Grant), the Federal Supplemental Educational |
| 3. Use caution with consolidation. Consolidating student | | | | Opportunity Grant (FSEOG) Program, Leveraging |
| loans combines your loans into one payment but may | | | | Educational Assistance Partnership (LEAP), and |
| or may not provide you with a lower interest rate. Do | | | | National Science Scholars Program. Some grant |
| extensive research before consolidating your student | | | | websites are |
| loans. In addition, you may not be eligible for various | | | | 8. Protect your credit. Try to avoid making late |
| student loan forgiveness programs if you consolidate | | | | payments on your student loans, if you do this will be |
| your student loans. | | | | reported on your credit report and can remain for up |
| 4. Exchange work to reduce debt. Perform volunteer | | | | to seven years. If you are having financial hardship call |
| work or work for the following in exchange for | | | | the student loan company and inform them of your |
| reducing student loan debt: teaching in certain locations | | | | situation, ask for a hardship or loan deferment to |
| with low-income students or areas with shortage of | | | | ensure your credit is not damaged until you are able to |
| teachers, providing legal and medical services in | | | | start making payments again. |
| low-income areas or working for Americorps or the | | | | |