Handling Student Loan Debt Today

Today it is estimated that the average college student will take ten years or more paying off his student loan debt. This is because the costs of higher education grow more expensive every year. How to deal with this difficulty can be the biggest challenge of adult life.

It can seem inevitable that you will accrue this debt if you pursue a college degree, and it can seem insurmountable the debt that you will face upon graduation. The truth, however, is good news. The debt is not inevitable, and paying it off is not an insurmountable task.

Regarding student loan debt, many possibilities exist when making your plans for where, how, and when to study at a university. A great way to keep from having to pay off a huge amount later is to avoid accruing the debt today. It may seem adventurous and fun to run off to a big state school across the country from where you live, but living at home while studying saves you an enormous amount of debt to later have to pay off.

Another way to keep from building a huge debt is to rent your textbooks. Many business have online programs where you can rent your texts for 60, 90, or 120 days and then return them when the class is over. If you are inclined to keep one or two favorite texts for reading after your college days are over, that works too. But the bulk of your text books are likely to never be touched again once you graduate. If the text you are needing for class is not available for rent, buying it from a third party online is a great way to save money.

One of the absolute best and least painful ways to save money on college costs is to ask for help. Apply for every grant for which you qualify. The federal government has invested billions of dollars in funding for helping college students defray the expense of higher education. A quick Google search will save you a huge percentage of what you will later owe. The FAFSA may not be fun to fill out, but the rewards for doing so will be experienced for years.

However, once the diploma is on your wall and your post-college career begins, there are several things you can do to reduce the amount you owe. You can also speed up the time it takes to pay it off. One way to speed up this process is to put off other expensive life decisions for a few years while you pay off your student loan debt. Getting married or buying a house or new car may be attractive, but waiting until the bulk of your loans are paid off will save you enormous amounts of money in interest.

As we have seen, paying your loans off as quickly as possible is one good way to save money. There is, however, a fall back plan if you find yourself swamped in huge monthly college loan payments. You can request a deferral if you find that your monthly payments are more than you can afford. Another option is to ask for an extended payment option. Either of these will allow you to continue to at least keep making your payments and avoid late fees.

Finally, staying healthy is one of the best ways to pay off your student loan debt. Eating right, exercising, and avoiding heavy drinking or smoking will enable you to work harder and miss work less often, thereby allowing you to get your debt paid off quickly. This will make it possible for you to start enjoying the quality of life you were probably looking for when you made your college plans years ago.

Don’t allow your student loan debt to keep you strapped for cash after graduation. You can learn about managing debt by checking out our website at http://howtoconsolidatemyloans.com/student-loan-debt/ now.

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J Palmer

I wish I had read this article before I wracked up thousands of dollars of student loan debt. With the rising cost of tuition and college expenses, one can get buried pretty deep in loans while trying to raise their standard of living!


The only way to pay of debts quickly is to live wisely, i.e., spend nothing on lavish things till you are out of debt. This is a very good article and students must prepare themselves to NOT make any huge expenditure till the weight of debt and loans is off them!


I will go for spending loads of time in finding grants and all sorts of subsidies before applying for a loan. Getting a part-time job can also help pay off that accumulating student loan. Personally, if I or my parents cannot afford going away for college, I would just stay at home or choose a school near my house to save on living expenses.

Diw Methil

Tens of thousands in the US are finding it hard to repay their educational loans, This highly informative article indicates various means one can make use of to alleviate the seemingly insurmountable problem.

Layla Summers

Yeah, it is tough out there for students at the moment because of the global economy slowing down, fewer high paid jobs and too many people leave their jobs too soon. However if you plan carefully and avoid unnecessary expenditure then you will have lower debt to pay. If possible make the most of staying at home and spending more time and money on studying and buying the books that you need.
As for grants, there are loads of scholarships out there and depending on what you study some of the grants can be quite big.


it is sad that out govt does very little to ensure that education is affordable by all. any form of debt is bad and so one should avoid.

Aaliya Sayyad

A very interesting and useful article. The ways to save money and pay off loan described in the article are well achievable. Higher Education is very important in this era and getting it funded it with a student loan is an easiest way but later paying off the loan becomes a burden. If followed the steps described above may really help to clear the loan.


It is also possible to check out international scholarships and grants, because many universities in Europe are free, while other universities in Asia and elsewhere have easily obtainable scholarships. Definitely, searching far and wide and keeping options open can really help.

Matthew Bryar

As somebody looking to go back to college, the tip about the text boots really struck a chord. I remember them being so expensive when I first went to college, and in fact one class the students and I all reached the end without taking the wrapping off one! Won’t be doing that again!

Matt Turner

You’re spot on about the text books! That’s one of the biggest money sinks in school right now. I’ve been “required” to buy engineering text books that cost over $200. Forget that, what most people don’t seem to notice is the school library almost always has those books available to be checked out. I haven’t bought a book since. Although I will definitely defend going far away from home for school. It’s the best way to experience college in my opinion and it really does make you grow up quick.


I don’t believe that one has to put his life on hold because he took a study loan. The government should look into ways to help the student gradually pay off the loans even while in school so that when they graduate it won’t be such a burden on them.


Yes these steps could be adopted by students while going for courses which are expensive.You should not carry heavy debt on the way while starting your career.The important thing to do is at the earliest you acquire a good job with a sufficient income in a good company

Papiha Ghosh

This is a very insightful article. A very good point highlighted here is to pay your debt as quickly as possible once you finish your degree so that you can save a lot of money. A lot of other good points as well.

Beena SC Nair

ITS TRUE ,IN MOST COUNTRIES THIS IS A CASE.Actually government assistance is there ,but that is upto a maximum of getting u a loan as some mandatory requirements are there for a bank.Some categories through political pressure government decides to extend the loan period or write off the interest.Other main issue is that the student not getting a right Job after studies which should be well enough to pay off the debts.Or else they may lose the job after 1 or 2 year due to sme urgencies especially if they are working abroad.In such cases unless government interventio is there they will still have to continue paying Loan amounts.But these tips are really worth as these may reduce ur debt burdens to an extent also u learn a sort of financial management which helps u i future too.

Brynjar D

The article makes a lot of sense, especially if you are lucky enough to have a good school near where you live because room and board can literally cost an arm and a leg nowadays. It had never occurred to me when I went to college. It’s so sensible. Renting books and applying for grants are also good options. I had a scholarship when I was in college and I had to maintain a 3.0 GPA – it was a good incentive to work and not slack off that’s for sure!

Zeeshan Iqbal

I think author has observed this stage in his life and have a close look on this matter and prepare the tips accordingly that how we can manage and reduce student load debts. Some of the tips are very useful like rental books, or buy books from third party source to get some discount similarly utilization of your past education is also a good idea either to give some kind of tuition or be a part of some projects at govt level or public sector or internships etc. These kind of step will certainly reduce Student’s loan debts.

PK Sardar

This article will help students to manage their cost of higher education effectively. The idea of taking text books on rent instead of buying is great. A student can also go for a cost benefit analysis before going to a college far away from home as suggested, this will definitely reduce the burden to a great extent. A must read for all students aiming higher education

Robby P. Baggio

This article is very useful especially for students with less financial capacity to support. Do not let the focus of study covered by the thought of paying debts.

Willy. S

Being a student with a mediocre economic capacity must be smart to find a way to pay for school fees or tuition. Must be creative and not to get stuck debts that are not able to be repaid.


This article offers some great ideas. I think a lot of college students today are nervous about renting textbooks in case they need to make annotations when textbooks are so rarely used in classes! It’s just as effective to create an outline on notebook paper as it is to highlight in the book.


I went to college a few years and it was grueling to be a freshman just for the fact I was putting myself through college. If you have financially fit parents to help you with the burden it’s always nice.

Gladys Ana

While it is not really encouraging to take a loan because of the difficulty in paying back, a student may get a vacation job or part time job while in school to enable them pay part of the loan, so it won’t be too cumbersome for the student to pay back after they graduate

senaka warnasuriya

In the era of the “Internet”, it is advisable to make use of it as much as possible to cut the heavy cost of hard covered text books.

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