With the cost of tuition rapidly rising, students are taking out more and more debt to fund their education. The average debt at a four year institution is a stunning $22,500, with some students borrowing much, much more. Research has shown that much of a student’s money is being spent on unnecessary items, not just on tuition. By reducing borrowing on student loans, a student can save a substantial amount of money in the long run. Many of the recommendations that will allow a student to take out less student debt are found in other parts of this website. Nonetheless, for those students who must take out debt, not all lenders are created equal. By exploring the below resources, students can reduce their student debt and make a million dollar choice. If a student is able to reduce their debt enough to reduce their after-college monthly payments by just $100 dollars, this decision could be worth over $1.6 million dollars by retirement.
- http://www.students.gov/STUGOVWebApp/Public?topicID=20&operation=topic provides information on a slew of great educational resources available from the government. See what resources are available to students that will help them reduce their student debt.
- http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre43.shtm explains how a person can avoid deceptive student loans. Read this to make sure you don’t get scammed in the process of applying for student loans.
- http://www.ed.gov/offices/OSFAP/DirectLoan/calc.html Use this calculator to see if consolidating student loans at a lower rate would be a good deal for you.
- http://www.bankrate.com/student-loans.aspx Use this tool to find the finest interest rates for student loans.