If you are in college or plan to attend in the fall, it is important that you understand student loans and how to properly manage your debt. According to a recent study by the Institute for College Access & Success, seven out of 10 students in the class of 2012 graduated with student loans, and the average amount of debt among students who owed was $29,400.
Below are a few tips for preventing debt before it snowballs and overwhelms you:
- Before you take out any student loans, discuss financial management with your parents or other helpful adults. Many students allow the freedom of college to lead to over-borrowing that they regret (and pay for) later in life.
- Limit the use of student loans to pay for tuition and books only. It is common for students to borrower more money than needed to cover their living expenses and entertainment, when working a part-time job could help cover these expenses without interfering with your studies.
- Be selective in accepting credit cards. It is important to research the available interest rates and fees. You want to use your credit card to build your credit, not as a means for incurring more debt or convenient money.
- Commit to sacrificing now so that you can benefit later. This may mean living off-campus or with a roommate. You may need to work while attending college or give-up owning a vehicle. Whatever sacrifices you can make now means you will be less likely to start your career already drowning in debt.
If you have questions regarding student loan debt or how you can properly manage it, call the attorneys at DeLadurantey Law Office today.
For your student loan, bankruptcy, foreclosure, and debtor’s rights matters, contact DeLadurantey Law Office, LLC at (414) 377-0518. We serve the counties of Milwaukee, Waukesha, Kenosha, and Racine, including such areas as Milwaukee, Merton, Delafield City, Waukesha City, and Kenosha. Visit our web site and like us on Facebook.