How To Avoid Student Loans

The school year has begun, and millions of students are heading back to college. Amidst all the hustle and bustle of schoolbooks, supplies and moving into college dorms is the stress and anxiety that comes from all the expenses incurred by attending college. So, how do you avoid student loans? Below are five tips for smart student loan borrowing.

1. Choose your school wisely – Make sure your post-graduate salary will support the cost of the school you will be attending. If not, then look for alternative schools.
2. Look for college scholarships – Financial Aid Advisors are a good resource for this
3. Offset your daily living expenses – Work while attending school rather than build up credit cards and loans. A part time job can help to offset daily living expenses.
4. Federal Government limits – Dependent students can only borrow $5,500 while independent students can borrow up to $9,500. This can help prevent students from borrowing more than they can re-pay.
5. Parents should never borrow to pay for college – Parent loans are not eligible for student loan forgiveness and they are the sole responsibility of the parents.
6. Existing loans – You may want to consider deferment, forbearance, loan consolidation or loan forgiveness to lower your payment and increase your monthly cash flow

In addition to smart borrowing, there are many online resources available to help manage your loans and finances. Some well-known websites are iontuition.com, studentloanhero.com and credible.com. These sites offer multiple resources to help manage your financial future.

Another way to reduce monthly expenses would be to eliminate credit card debt through one of several options. Depending on your financial situation, those options include: minimum payments, debt consolidation, consumer credit counseling or debt settlement. For information regarding these services, please contact the advisors at PCS Debt Relief  submit your request online at www.pcsdebtrelief.com. Our advisors will be glad to review your financial situation at no cost and recommend the appropriate program to meet your financial needs. It is our mission and goal to help you get out of debt quickly and save you the most money.