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Saving Money Is One Of The Best Ways To Avoid A Student Loan

Oct 8, 2012

Student loan debt is one of the biggest problems for American economy. The debt is more than $1 trillion, it’s hard to imagine how many students are struggling with paying of their loans, it takes long years to pay it off and start living your own life. College tuition never was so expensive like it is today and lots of young people who are going to attend college think that the only way to get there is to take out private of federal student loan. But as every loan, taking out a student loan is a serious financial commitment. That’s why it’s important to pay attention to alternative ways of paying for college.

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Attending a college shouldn’t be a spontaneous decision. The earlier you start – the better for you. At first it’s necessary to understand how much money you need to understand your final goal. Talk to your family and relatives and ask if they can help somehow. Remember, that your goal is saving enough money to avoid a student loan. Starting your professional way with a huge debt isn't the best option. Until you are repaying your loan, probably you won't be able to afford a house or a car, because you will be focused on eliminating debt. Unfortunately, college degree isn't a guarantee of job. Some graduates work for small wages because they have no job experience. Student loan is a special kind of loan, so even filing for bankruptcy will not help to avoid paying it off. That’s why the best option is to focus on saving money or look for other alternative.

5 Mistakes I Made in College and Wish I Could Do Over (

Learn more about 529 plan. This is a tax free savings plan which can help to save money to college tuition. This plan is a great solution which can help parents to send their students to college. It’s really a good option intended to help you to save money for higher education and avoid a student loan. It’s just like a 401 (k) plan which is the most popular option to save money for retirement. Also it’s important to think the way you can help your parents to save. For example, you can get a part-time job or online job to raise some money. It’s not worth to think that good and quality education is available only in the most expensive colleges. Compare prices offered by a few colleges and try to choose the best option.

Got further questions? Catch me on twitter and DM me @529SavingsPlans or e-mail me at 529CollegePlans at Gmail.comWant to be heard? Leave a reader comment below.

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