Anyone who attends college will more than likely leave with some form of student debt, usually from a student loan, since the cost of attending a college or university is rising. However, student loan debt does not have to follow one around their whole life or be problematic after a student graduates.
To begin with, getting as much financial aid from scholarships or grants is going to be necessary for anyone looking to attend a university. There are a variety of scholarships and grants available for anyone and given based on a number of factors, so finding scholarships and grants that one might qualify for should not be that difficult.
However, if a college bound student or anyone returning to college has exhausted all of their scholarship and grant options, yet still needs student loans to cover university costs, then they will need to look at various student loan options. Usually, federal student loans are more freely offered to students and sometimes come with the most affordable repayment options and even forgiveness plans years down the road.
Making sure that you borrow only the amount you need is going to keep you from overwhelming college debt and there are many people who will only borrow for one semester or year and use that time to save money to aid them in paying tuition costs for the next year.
Federal student loans can be consolidated if a student does acquire multiple student loans, but different types of federal loans like subsidized and unsubsidized usually don’t consolidate and it may not be a college graduate’s best interest to consolidate if they only have a few loans.
Also, depending on the career of a college graduate there may be federal student loan forgiveness options available down the road. Yet, acquiring as little student debt as possible, or better yet none at all, is going to be any college student’s first priority. Sometimes college debt is unavoidable, however, the extent to which one allows debt to pile up can be managed, so planning out a financial course of action before college begins is going to be beneficial and help anyone avoid overwhelming college debt.