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4 Tips for Student Loans

Taking on student loans is often a part of going to college for many students, regardless of what they are trying to learn. If you are currently in school or you have debt, you might be wondering if you can ever get ahead. Check out these tips to make it easier to succeed and get out of debt as quickly as possible.

1. Determine How Much You Must Pay Off
If you already have debt, find out how much you need to pay off. Even if you expect to add more student loan debt in the future, knowing the number you are currently working with can help you understand how much money you'll need to budget when it is time to start making payments. Depending on what you are majoring in, you might be able to get some of your student loan debt forgiven.

2. Consider Taking a Second Job or Gig Work
Although taking on a second job is nothing new for most people, gig work or working as an independent contractor has become more popular than ever before. Often, this type of work allows people to have a flexible schedule while maintaining something of a work-life balance. If you have various commitments or don't want to give up your main job while bringing in extra money, looking for gig work can be one way to pay down your student loan debt without spreading yourself too thin.

3. Try to Pay the Principal When Possible
If you have student loans, you know that they usually come with interest on top of them. When making minimum payments, you might find that you are not making as much of a dent as you would like, especially if the interest is high. If you have already made your monthly payment, consider making another one, and indicating that it should go toward paying the principal. Doing this when possible can help lower your overall payments and ensure you are working your way out of debt over time.

4. Don't Take More Than You Need
While it can seem tempting to get as much help as possible, it is always better to take only what you need. That's because the more student loan debt you acquire over time, the more you will be paying, and for longer. If possible, see if you can pay some of your student loan expenses out of pocket, such as textbooks or other fees. That way you can save money and ensure you aren't overspending.

If you have student loans or you will need to take these types of loans out, there are some suggestions you can keep in mind to reduce how much you will owe. Know what you currently owe, so you have an idea of what you are dealing with. Consider a second job or gig work, to help pay down the debt. Try to make payments that go toward the principal, so you aren't paying only interest. Finally, don't take any more than you need. These suggestions can go a long way in helping you save money and start your future off on the right foot.
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