| Recent studies indicate that two out of every three | | | | graduate. |
| college seniors will have to payoff a student loans | | | | 3. Go to your campus financial aid office and find out |
| debt of approximately $22,000, and that debt is | | | | if your school offers financial aid programs for its |
| increasing every year. | | | | students. |
| The cost of college has been rising at about twice | | | | 4. Apply for as many scholarships as you can. The |
| the inflationary rate and because of the state of the | | | | more you apply for the better your odds. If 10% of |
| economy it's getting more and more challenging for | | | | the scholarships you apply for accept you and you |
| students to get the financial help they need to help | | | | apply for 100 scholarships you will get 10 scholarships. |
| take care of their educational needs. Because the | | | | Even though it's a lot of work now it can save you |
| number of available grants and scholarships have | | | | many thousands of dollars and help you to sleep |
| declined many students are now using credit cards to | | | | more easily in the future. |
| finance their education. That's a very scary situation | | | | 5. Apply for grants such as the Federal Supplemental |
| with credit card interest rates being as high as they | | | | Educational Opportunity Grant Program (FSEOG), the |
| are. | | | | Federal Pell Grant, and the Leveraging Educational |
| In order to alleviate potential problems, many | | | | Assistance Partnership (LEAP). |
| students are now doing whatever they can while | | | | 6. Perform volunteer work in exchange for reducing |
| they're still in school to pay off their student loans | | | | your student loan debt. You can consider joining the |
| debt. This way the financial burden will not be as | | | | Peace Corps or Americorps. As an alternative you |
| great once they graduate. | | | | can teach or provide medical or legal services in a |
| Here are seven ways to lower your student loan | | | | number of low-income areas. |
| debt. Some are for those still in school and others for | | | | 7. Start investigating student loan consolidation. After |
| those of you who have already graduated: | | | | graduation, if you consolidate student loans, you will |
| 1. Go to your campus employment office and see if | | | | be able to combine all of your loans into one loan |
| there is a work-study program. Although work-study | | | | that can offer you a lower interest rate as well as |
| jobs often pay minimum wage, the money you save | | | | extend the amount of time you have to repay your |
| can really add up over the course of your college | | | | loans. |
| education. | | | | Student loan consolidation can potentially knock |
| 2. Get an internship during summer vacation. If you | | | | literally hundreds of dollars per month off your loan |
| can save even half the money you earn you can | | | | payments. |
| substantially reduce your student loan debt once you | | | | |