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Debt Management

As you know, education loans can help pay for your education. Borrow only what you need and remember that you must payback -- with interest -- whatever you borrow.

Here are steps you can take to help you get a grip on your finances. 

  1. Get organized:  Set up separate files for your bank statements, household bills, insurance payments, college catalogs and application financial aid papers, loan documents and correspondence with your college.
  2. Keep track:  Write down all your expenses in a notebook for two to four weeks to help you understand your spending habits and find out where your money is going.
  3. Create a monthly spending plan and stick to it: Prioritize your spending. Use FinAid.org's Monthly Budget Calculator. 
  4. Be realistic: Go back to your spending plan every few months and ask yourself: Is it working? If not, is there anything you can do without!
  5. Start Saving: No matter how little you may have to save, even just $20 a month, will get you in the habit of saving and give you a cushion for a financial emergency.
  6. Borrow smart: If you need to borrow money for college, calculate how much you can afford to repay by looking at what your monthly payment would be. Use the Loan Repayment Calculator to determine your monthly loan payment.
  7. Pay as you go: Paying as little as $20 each month on student loans while in school, you can save you money over the life of the loan, depending on the interest rates.
  8. Keep track of how much you borrow: You may go online with National Student Loan Data System to see what the amount of your student loans are including interest costs and fees.
  9. Be thrifty: Pack a lunch, get a roommate, shop garage sales and thrift stores, buy used textbooks, take public transportation, clip coupons, take advantage of weekly food specials, rent videos instead of going out to the movies, ship around for the best phone, Internet, checkbook each month.
  10. Avoid using credit cards: It's easier that you think to get a credit card and even easier to get into trouble.

Remember to keep your lender informed of things like your enrollment status, graduation date, and address!