Get through college with less debt: Your guide to scholarships and grants
Reading Time: 8 minutes Grants and scholarships can go a long way in helping you pay for college. Find out how to get some of that free money in this article.
Reading Time: 8 minutes Grants and scholarships can go a long way in helping you pay for college. Find out how to get some of that free money in this article.
Reading Time: 8 minutes For most of us, student loans are a necessary evil of the college experience. Use this practical guide to pay off your student loans fast.
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Paying for college sure can induce a sense-of-humor failure. But at Student Health 101 we had to find an upside, so here it is: The cost of higher education is an opportunity to build certain vital life skillsâlike stress management, financial self-empowerment, damage limitation, and problem solving. Weâre confident these skills will be at least as valuable to you as your degree is. To get started, check out what students wish theyâd known about loans, scholarships, and grants.
âI wish I would have done my research and realized sooner that there are multiple options.â
âGraduate student, University of Wyoming
âI wish Iâd known more about what different things mean: variable interest rates, deferment, deferral, etc.â
âGraduate student, Suffolk University, Massachusetts
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âLook at when the interest starts accruing, how much interest will accrue in school and later, and how long it will take to pay it off at what monthly payments.â
âUndergraduate, University of Alaska Anchorage
â[I didnât know] the difference between subsidized and unsubsidized government loans, as well as the payback rules.â
âUndergraduate, Utah State University
âI wish I had known to start that spreadsheet immediately.â
âUndergraduate, Santa Clara University, California
âI didnât have to accept the loan in full. If I had known this I may have borrowed less.â
âUndergraduate, University of MontanaâWestern
âEven if your mom pays your loan, itâs still in your name. Make sure she makes those payments on time!â
âUndergraduate, Metropolitan State University, Minnesota
If you donât pay on your loan, you will go into default. This can negatively affect your credit score and reduce your options for getting a cell phone, or buying or renting a place to live.
âI wish Iâd known how readily available scholarships are, if you just look for them.â
âStudent, Normandale Community College, Minnesota
Student story
Felecia Hatcher was awarded $130,000 in scholarships. Her advice: Focus on what youâre great at or what you love, and apply for local scholarships: âThe pool is so much smaller.â Hatcher is author of The âCâ Students Guide to Scholarships (Petersonâs, 2011).
âI wish I had known a way to avoid having to take out loans in the first place.â
âUndergraduate, Humboldt State University, California
“I knew in high school that a family member was going to cover all my expenses for college, so I didn’t pay attention when they were explained my senior year. But after two years there was family drama and they dropped my funding. I had about a month to learn everything I needed to know about loans and get two federal direct loans and a private loan. Should have paid attention.”
—Undergraduate, Pacific Lutheran University, Washington
“I just wish I had applied for more scholarships. It took me until grad school to start doing that.”
—Graduate student, University of Southern Maine
“’I didn’t realize how easy it was to just accept [loans] and how hard it was to pay them off. The available amount looks great but just makes you stuck with more debt!”
—Graduate student, California State University, San Marcos
“I wish I would have known about alternatives before I signed away to be in debt.”
—Graduate student, California State University, San Bernardino
“[I wish I’d known] community college is cheaper and I could work before I got to school. Also the average amount of years it would take a person in my financial situation to pay off a loan of the size that I took out.”
—Undergraduate, Western Illinois University
Source: Student Health 101 survey, August 2015. 950+ students answered this question.
“I wish I’d known that I should pay off unsubsidized loans before subsidized loans.”
—Undergraduate, Western Washington University
“I wish I’d known that each student is allotted a certain amount of federal aid for the whole course of his/her undergrad education, which means students have the potential to run out of federal aid if they need an extra year or two.”
—Undergraduate, University of Massachusetts, Dartmouth
“I wish I’d known about income-based repayment plans. If so, I would not have had semesters with no textbooks or a shortage of toilet paper.”
—Graduate student, Western Illinois University
“I wish I [knew] the importance of paying off the principal as I attended school. This really helps in the long run!”
—Undergraduate, University of Wyoming
“I wish I knew how much I owe, how to pay it off as I go, how much they’re growing in interest, and how long it will take me to pay off!”
—Undergraduate, Roger Williams University, Rhode Island
Source: Student Health 101 survey, August 2015. 950+ students answered this question.
“Don’t lose your login information. Phoning student loan help is basically useless.”
—Undergraduate, Mount Royal University, Alberta
“I wish I’d tracked the total amount. I had so many smallish loans that when I graduated and got the total I was shocked. Way higher than expected.”
—Graduate student, Husson University, Maine
“Budget smartly and know the benefits of having a savings account.”
—Undergraduate, Humboldt State University, California
“[I wasn’t aware of] the high interest rate. I should’ve saved up while I had the chance rather than buying those shoes I wanted.”
—Undergraduate, University of Wisconsin-Fox Valley
“Vote for a legislature and government officials who will work for lowering student loan interest rates.”
—Graduate student, University of the Pacific, California
10 tips for recent graduates: Project on Student Loan Debt
8 tips for student loans: Forbes
Guide to financial aid: FinAid.org
Benefits of paying on the interest: US News & World Report
What happens if you don′t repay?: US News & World Report
What to do if you can′t repay: Forbes
Does your loan get you a tax deduction? Internal Revenue Service