Education loan makes up for approximately $1.3 trillion of outstanding debt only in the United States. Victims are about 44 million borrowers, who after finishing their highly expensive college education, find themselves out of work and thousands of dollars in debt. Prevent education loan debt from destroying your life carefully planning your education. A good college education does not have to cost you for the next forty years to come. Now Get debt advice from experts on how you can prevent it.
- Take admission into universities that have low tuition rates
Universities often hike the price of a course, which can throw off your financial well-being. Many universities offer guaranteed or fixed tuition rates, which means the tuition fees do not hike up in the course of four years. Illinois and Texas are great states where you can shop for a college education with fixed tuition fees.
- Know what percentage of students graduate with debt where you are planning to apply
Most universities have a percentage of students who receive federal grants, acquitting them from having to pay the education loan. Look for a college where a higher percentage of people graduate with Federal Pell Grants, as chances are a new student has a higher chance of receiving one.
- Do not wait for the ‘Perfect Job’
After graduation, if you find yourself rejecting job offers to wait for the perfect job, chances are you will end up with higher interest to pay off. Do not wait for the perfect job. Start earning money as soon as you step out with a degree, or better yet, do some part-time work to put towards your loan repayment while you are in college. The faster you repay the loan, the lower an interest amount you will end up paying.