You have applied for and received your federal and private student loans. Once you are attending the college of your choice you may think it's all over. Guess again. To get the most affordable college education you should always be on the lookout for alternative funding.
New scholarships and grant money pop up all the time. Many of these are geared toward students who are already in school. Keep tabs on what is available and apply for as much as you can.
Check with your lenders to see if you can cancel at least a portion of your loans in the future. This is possible in most cases, allowing you to substitute that money with alternative sources down the road.
Private education loans are necessary for most college students, but very few people know how to maximize savings and minimize debts. The last thing a loan company wants is for you to default on your account. The most common cause of defaulting on loans is when a student has more debt than he or she can handle.
So get as much free money as possible and paying back what you have in private student loans will be a lot easier to manage.
|Jennifer Mathes, Ph.D.|