Going to college can be an exciting experience. Students get to meet new people, learn useful skills for their working lives and even take on new responsibilities. However, the fiscal cost of going to college can be quite high. Even with a good financial aid award package, college savings and scholarships students may still have to sign for student loans. Just because a student takes on a student loan does not mean that they are impossible to pay back. In fact, if the student meets certain criteria they may be able to have the interest paid while they are in school or even have the loan forgiven!
It is important to know how much in student loan debt that you have. Students who only take out Federal Direct student loans are able to secure $27,000 through the first four years of their undergraduate schooling. That is the maximum amount allowed by the program. Students can choose to take less and many students do. After a student has secured these loans they may either be subsidized or unsubsidized. The difference between the two is that unsubsidized loans have interest accrue during the period the student is in school. This costs additional money to the student.
Students are able to beat student loans by working in the civil service. Becoming a police officer, fire fighter or similar public servant may qualify you for some relief on your student loans. Check with the Loan Servicing Center for more detailed information. Another example of how to beat student loans is through the TEACH grant. This is a program where graduates from college teach for a period of time in urban schools. There are terms and conditions that apply to this program. Once you have met them a portion of your student loan debt is automatically forgiven.
Student loans do not have to be another bill that sits on your table every month. Check into the details of how you can beat them! A future career or even the way that you pay your bill every month may qualify you for a significant discount or even forgiveness!