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How can I avoid costly student loans?

On Behalf of | Jul 7, 2016 | Chapter 7

If you are going through, or have been through, a bankruptcy, the thought of taking on a student loan may seem overwhelming. However, like many Tennesseans, it may be the only way to pay for yours or a loved one’s college education. With a little bit of strict saving and planning, you may be able to minimize the amount of debt you have to take on through student loans.

One of the most beneficial things you can do, according to NerdWallet, is to have a plan in place. Knowing what costs to anticipate for each year of school can go a long way toward being prepared to deal with them. In addition, educating yourself on the different types of financing available may be a good idea. In addition to traditional loans, some low income families may qualify for grants, and some schools offer scholarships to deserving students.

Another option, which is often overlooked, is attending a community college for two years instead of enrolling at a four-year university as a freshman. Community college tuition is often much more affordable, and the credits earned will likely transfer and can be used toward a bachelor’s degree. Alternatively, applying only to schools that are in a certain price range may help minimize education costs.

Finally, there is always something to be said for saving money and living on a budget. Any money you can put away for college each month, even if it is not a lot, is that much less you will need to borrow and pay interest on over time. However, it is probably not advisable to dip into any money you have already saved for another purpose, such as your retirement plan, as you may incur penalties and put your future finances in jeopardy.


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