More students are graduating in debt than ever before. The rising cost of college tuition has driven students to take out student loans in order to receive a college education. The debt that accumulates from these student loans will follow a student for years, and can create problems when a student applies for a loan.
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Luckily, there are a few ways students can overcome that debt and graduate relatively debt free. The following are three ways students can graduate from college with little or no debt.
Use Scholarships and Grants
There are thousands of scholarships and grants available to college students. Scholarships and grants can be used for a number of college expenses such as tuition, books, school supplies, and student fees. The best part is the money that is given to a student through a scholarship or grant doesn’t have to be paid back. The U.S. Department of Education and your college financial aid office can help you find and apply for various scholarships and grants.
Employer Reimbursement Programs
Many employers will offer students compensation for enrolling in various college courses. You will still be required to work while you go to school, but the money you get from the employer reimbursement program can help off-set the debt you would have accumulated by attending college.
Some employer reimbursement programs offer student loan forgiveness plans. These employers will offer students who have accumulated student loan debt, a chance to wipe the slate clean after they have worked for a company a certain amount of time.
Create a Payment Plan Before You Graduate
Most student loans do not start accumulating interest until after you have graduated or stopped going to school. To help relieve the debt you will have once you graduate, try to start paying off the loan while you’re in school. Even if it’s only a couple hundred dollars, that’s less you have to pay when you graduate.
Some students have even considered taking out various installment loans for people with bad credit, in an effort to start paying off their student loan debt. They find the installment plan easy to keep up with, and it helps them to relieve their debt before they graduate.
There’s no reason why you should have to graduate with thousands of dollars in student loan debt. Following these tips can help you relieve your student loan debt, and help you graduate with a fresh start on life.