The Money Pit
Personal debt can easily spend out of control and become unmanageable, especially if there has been a change in employment status, divorce, illness or other crisis. Spending habits, income, educational expenses all need to be managed with clear goals in mind to achieve control over finances. Check out the following information: |
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- The average federal loan debt for an undergraduate student is $21,900. Repaying that debt in 10 years will mean a $252 monthly loan payment. You are obligated to repay the full amount of the student loan regardless if you did not complete the program of study, are unable to obtain employment upon completion, or become dissatisfied. Try to utilize funds from scholarships and grants that will not create debt. Click the links below for more information.
Scholarships and Grants
Scholarship Scams
The Players in the Student Loan Process
- Have realistic expectations of your starting salary and your ability to repay any debt you owe. (Careers vs. Salary A Realistic Approach To The Future)
- Student loans are NOT free money. Only ask for what you need.
- Set up a budget or spending plan to incorporate your expenses based on a set income. Your loan payment would be an expense item within your plan. Additional Resources:
CredAbility
Consumer Ed
GAcollege411 - Managing Your Money 101
Software that helps
with budgeting
Many people today use software such as Quicken and Microsoft Money to budget and track
spending. You also can:
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