Is Avoiding Student Loans Possible?
Jonathan Osler San Francisco explains that student loans can be a real burden. Even if you do manage to graduate, you may still find yourself owing money for your education. That’s because student loans are lifetime financial commitments that are often difficult to repay. Here are seven ways you can avoid student loans:
1. Save money and invest it
One of the best ways to avoid student loans is to save money and invest it. If you’re not in a position to save money, then try to get a part-time job if you can. This will allow you to start saving money from day one, which will help you avoid student loans later on in life.
2. Take advantage of an income-based repayment plan
This is the most common way for people with student loan debt to repay their debt without paying as many interest payments as they would have otherwise paid had they not taken out a loan. Your school may offer this option, and it may be worth checking if you still have debt after graduation.
3. Try refinancing your student loans
Many people fall behind on their payments when they graduate because of rising costs or because their income doesn’t cover the amount they owe after taxes and other deductions are made from their paychecks. In this case, a refinancing option may be available through their lender. This could result in lowered monthly payments and a lower overall interest rate on loans, which could help people avoid future interest charges on unpaid balances left over from graduation day.
4. Consider private education lenders that specialize in helping students who need financial aid apply for scholarships or grants
Some private education lenders may be willing to loan money to students who have not yet graduated but need financial aid. It’s important to note that these lenders are not typical student loan lenders, so you should always check the terms and conditions of any such loan before you take it out. Jonathan Osler San Francisco says, “Some private lenders offer loan programs that can be used to pay college tuition and fees.”
5. Work part-time during college
You may be able to work part-time while in college, which would allow you to avoid taking out student loans. This is a good option for people who don’t know exactly what they want to do in life and are not sure they’ll have a job when they finish school. Osler says, “Working part-time in college can help you pay for school, but it can also help you figure out what kind of work you want to do and what it takes to make a career out of it.”
If you are in college and have student loan debt, it’s essential to start thinking about how you can get rid of your loans as soon as possible. If you don’t, you could pay more interest charges than the amount of money the government will forgive for qualifying for federal loan forgiveness programs.