Student Loan for College

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Do You Really Need a Student Loan for College?

If you've gotten your financial aid award letter back and there just isn't enough money there to cover the expenses from school, you may want to think twice before getting a student loan for college. After four years, if you took out a student loan for college every semester, that could add up to a lot of cash at the end of school. Before taking the plunge into debt, consider your alternatives to a student loan for college and see if you can come up with the money any other way.

After school is overů start working

What you plan on doing after school is over may have a great impact on whether or not you take out a student loan for college. Lots of students decide to spend the summer or year after school abroad, traveling, doing an internship or just taking a break from it all. Take a good look at where you will be and whether or not you will be able to pay back your student loan without too much hardship after school. A lot of college grads aren't jumping right into the workforce after school, at least not the high paying job. Decide whether or not you see yourself in a place where you can take on the debt you accumulated by taking out a student loan for college.

Alternatives to student loans

There is an alternative to taking out a student loan for college. In fact there are a few alternatives, most of them take planning, discipline and more planning. Consider taking a part time job in school to help pay for school or do some full time work during the summer months to offset the costs while attending school. You could also devise a strict budget and stick to it. Too many students take out a student loan for college and end up spending all of the money on alcohol! Find ways to pinch your pennies and you might figure out that you don't need a student loan for college after all.

 

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