Student Loans
"You need to apply for student loans, so you can go to college and get a good job, so you can pay off your student loans!"
Hundreds of thousands of students will head to college or university as a new academic year begins. While it is supposed to be an exciting time in your life, new horizons and long lasting friendships, many students are worrying about how they are going to pay for their higher education.
Students typically take between nine and fifteen years to pay off their loans taking them close to their forties by the time they are debt free.
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Each year tuition fees are increasing, never mind the cost of accommodation, transportation, and food; which means students are taking on more and more debt to complete their studies.
The ability to obtain a student loan through government programs has never been easier, but it is important to manage your loan while you are in school so that you don't end up paying for decades to come.
List of Government Student Loan Programs
Canada Ontario Student Assistance Program OSAP
United States of America - Federal Student Aid
England Student Loans Company SLC
France Centre regional des oeuvres universitaires et scolaires CROUS
Sweden Swedish National Board of Student Aid
Norway Norwegian State Educational Loan Fund (Lanekassen)
Denmark Ministry of Science, Innovation and Higher Education
Before taking out a student loan you must take the time to fully understand the commitment you are making.
Make sure you understand the repayment terms, rate of interest, when you must start paying off your loan after graduation regardless of your employment status or income.
If you are unable to find work after graduating you may be able to keep your loan in interest free status if you go back to school so you do not have to begin repayment.
Tips on How to Manage Student Debt
Understanding loan repayment requirements. Know what interest rate you are paying and when you have to start making repayments.
Lessen your debt load by working full-time during your summer vacation and part-time while you are in school. This may also provide you with contacts and job opportunities when you graduate.
Make all efforts to repay your student loan quickly. If you are working, you can increase your monthly payments to pay off your loan faster or pay a lump sum towards your principal thus reducing the outstanding loan and the total interest you will have to pay.
If you are unable to make your monthly payments, you may be able to change the terms of your loan to give you more time to pay. It may be a good idea to seek professional debt help if needed.
Managing you debt before, during, and after your college or university studies is a vital skill to learn and can help you establish a good credit rating for future needs.