College Student Loans

College student loans have become a reality for a growing number of students. Myself included.

Due to lack of planning I found myself at college young, excited, and completely broke. I had no savings, no educational fund from a wealthy family member, really no education about money at all.

I will base my remarks on the assumption that you are already in college, or about to be.

You had very little financial planning and are now in a bind.

I was, I didn’t know how much living on my own would cost, or how to manage what money I did bring in. I was in a sorry state.

The University I attended was pretty good with extrance and exit counseling in regards to student loans, but until I left college and was now paying a hefty bill did I realize how much I had spent, and how much less I could have spent.

There are many college student loans out there from federal and private sources. I am going to focus mainly on the federal loans. Many of the private loans are based on credit or some other type of repayment ability.

Federal Loans however are not based on anything except your enrollment status. That makes college student loans easy to rack up.

Easier than they should be. You don’t need as much debt as you can get. You need as little as you can get by on. Preferably none at all.

There are so many costs associated with college that student loan debt can seem like the only option. But there are others.

First of all many people can avoid college student loans or greatly reduce them by using a few simple techniques that require a little more effort but will pay off in the end. Some of these include grants, scholarships, better jobs, etc. Students can also learn to live on a budget. This is a good time to start.

Girl sitting resting her head on a stack of college text books

I know there are clothes you need to purchase to impress that guy or girl you hope will soon be your boyfriend or girlfriend. Trips to go on, parties, dates, educational trips even, the list goes on and on. But if you can learn now to really assess your priorities and live on a budget than you will do well in the future.

Those dreams of riches and wealth don’t come true tomorrow by getting into debt today. They come true by learning sound financial principles today and applying the degree you get tomorrow.

So how much student loans exactly should you get? That’s personal. It depends on how good your grades are, and what scholarships you can get. It depends on whether you have to work or mom and dad pay your tuition. Things like the cost of tuition for your school, rent in your area, specific program costs all come into play. So this can be a little tricky. Click on the link for further ideas to judge what your specific needs are.

I knew a guy, (well knew of a guy), from my home town actually, that also attended the same University as I did. He was in business school and whether it was an assignment that did well or just a summer job he needed I am not sure. He came up with a great idea that allowed him to have no college student loans.

Most of the students lived south of campus. And walked to school. But there were not too many restaurants at the south entrances. So he opened a hot dog stand at one of these south entrances, right along the walking path.

His original plan was just to run it for a summer. But he was making so much that he couldn’t shut it down. He sold good hot dogs! Can you imagine paying for your college degree selling hot dogs, this guy did. He was creative and smart.

You can get through school with little or no college student loans, but you have to be disciplined and creative. It will be worth it.

"A man in debt is so far a slave,"
Ralph Waldo Emerson.

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