The first year of college can be a trying time for some people. That first taste of freedom can get a little overwhelming and cause you to make some questionable decisions. That is not just about school or social activities, but also concerning your finances. Sometimes you end your freshman year, and you find that you are much deeper in debt than you thought possible. Here are some ways to pull yourself out of debt so you can focus on your studies.
Watch Your High Interest Charges
The majority of debt incurred in college is due to student loans. This debt, however, is deferred until you graduate, and even with unsubsidized loans, the interest can be rolled into the outstanding loan. The debt that most students find themselves in a panic over is credit card debt. This is because of the high interest. Freshmen are new to the financial game and eager to rack up items they need and don't need. This makes them a prime target to receive credit cards. Here are some immediate things you can do to help.
Let the School Assist You When Possible
One of the best ways to start to dig yourself out of debt is to make a budget. If you are not sure how to do this, talk to your student advisor. They are not just there to help with homework or classes; they are also there to help you with matters like this.
If you are receiving financial aid, look into a Federal Work Study program. This cuts a portion of your aid into a biweekly paycheck that is much easier to manage. If you do receive a lump sum refund from the school, use as much of that money as you can to pay off your debt. The less principal you have to compound interest on, the better.
Do This If You Absolutely Must
Sometimes emergencies happen that can leave you completely strapped for cash. While you should not use this tip every week, a payday loan can help ward off late fees and damage to your credit score. You should take a payday loan only if you have multiple payments due and no money in the bank. Payday loans are very easy to get, and for a nominal fee, you can pay your bills on time. Visit http://www.money4youpaydayloans.com for more information.
College is a time for learning, and not just about chemistry and how to write a term paper. It is also an introduction to life skills that you will need after you graduate. Mistakes happen, and even if you think you are over your head in debt, there are ways to dig yourself out.
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