How to Avoid Turning Your College Dream Into Loan Nightmare

Loan nightmare pic

It's time to swallow your pride, and ask your parents about it. Funding your college education is a serious matter, even if you belong to a small percentage of the U.S. populace who can truly afford the high cost that covers the tuition fee alone.

Your admissions tutor would tell you about a student who didn't study the details on applying for a student loan and paying for it. Years have gone by, and that student, who turned into a professional, must pay the remaining balance during those long years. You sense that your tutor may be recounting a personal, if not painful, experience, but you don't want to become too curious about the story. After all, it can happen to you.

College education doesn't require you to give up on earthly pleasures, as this might break your back along the way. Planning your routine is the first step. You must follow it, but you should have a flexible approach to the situation as well. And you must truly know your priorities. (Your roommate may not fancy your leanings towards minimalism, which should define your side of your room. You could reveal your tight budget, and the struggles along the way. On the other hand, there's no need for an explanation from your side. Treating your roommate with a box of pizza might be good enough.) There are lots of ways to avoid this debt nightmare, but you must narrow it down. The financial anxiety can overwhelm, if not confuse, you.

The Smart Choices That Smart College Students Do

Before submitting your application, consider the college's history of awarding scholarships. No one is discouraging you to apply for a place in an Ivy League university. Aiming high may be one of our defining traits, but your folks may not be able to support you on this one. You should look at the university's history of awarding grants and weigh it against tuition. You're not expected to understand the details right away, so ask your tutor for a possible lead. You must not exclude your parents on this one, as you would need their support. (Members of your family may turn out to be the only one who listen to your whining, if not cries, over your cash-strapped existence. You might ask for money, which can be another issue.) It's very important to study this one, as this could be a deciding factor on your college of choice. It hardly matters if it's a prestigious institution or not. How you handle the coursework would count most.

Ask for more financial aid after you get an offer. Let's assume that you're able to get a scholarship after your scholastic records and CV impress the authorities who decide on who becomes the beneficiary of the scholarship. You would be lucky if the amount would cover everything, but it's not the usual case. Don't be afraid to ask for more. You must not be daunted by the possibility that you should perform better than what is expected from you. (It may be worth it if it's harder enough.) And your family would be a call away (if you need to talk about it, if not cry it out.)

Get to know about the college's value. You would figure this out during your first campus visit. If you're inquisitive enough, then you should cover all the bases. This includes the entry level salary of some graduates. (In this regard, you must concentrate on the graduates from the department that you want to be part of.) Moreover, you shouldn't be shy about approaching a professor or two. There are intangible assets that you must not overlook. If you haven't figured it, then look at the course syllabus. Try to visualize yourself. Can the program take you far enough? It won't be possible to answer this question with certainty, as a lot of it would depend on your mindset and willingness. A rough estimate may be good for now.

An Important Note from CliffsNotes on Graduation Debt

If you’re the kind of individual who wants quality above anything else, then you may find yourself in a distressing situation sooner than you think. It would happen if you insist that paying a bit more could be worth it. Your career path should matter most, yet most college students wouldn’t think about it. They care about the moment, but you may be an exception.

Paying off a debt wouldn’t be a joke, and you would realize it when you’re supposed to set aside a portion of your salary for the rainy days. It should be better if you could prepare for your retirement days, but you may not be able to cover the bases. There’s no need to feel about it, as this should be a phase. A shorter one if you prioritize your needs first. No need to compare yourself with others, as opportunities would come. It’s up to you to take a risk. You still remember your folks at this point, do you?

 

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