College Is The Perfect Time

815 WordsMay 27, 20164 Pages
College is the perfect time to start being smart with your money. If you start saving and being responsible now, it can save you a lifetime of pain and debt later on! We 've rounded up some financial experts to share their advice. Here are 5 things that college students can do right now to start staving money and avoiding a mass amount of debt! Understand Your Student Loans Recognize and understand the amount of debt you are taking on for your degree. A general rule is that don’t take more college student loan than your expected first year of college. While that is good, it is all important for the student to understand the nature of the debt. When it will require to be repaid. If someone cosigned understand that person could end up paying for your loan. Understand different repayment choices which depend on which type of loan you took out. Finally recognizing the burden and that burdens impact on the future life, and consider ways to limit the costs. - Scott Vance, Trisuli Financial Advising If you have the opportunity, pay off some of your student loans while you 're in school. Even if you can only pay a little bit on them, the compounding interest on your debts will grow over the next 10-20 years, (the average time it takes to pay off loans) and paying some of that now will save you a ton in interest in the future. Paying on student loans is one of the things that recent college grads say is scary about finances, but taking the initiative to pay now makes a huge
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