Student Finance – Student Loan Consolidation Tips

An education doesn’t come cheap today. You likely have a heap of student loans, that have built up over the years. Now, you may just be wondering how you will cope. Student loan consolidation programs are one way to cut out the need for headaches. Join me, as we take a look at some useful tips, that you can use right now, to find student loan consolidation programs, that meet your needs.

Looking at the data, we find that most students going through all learning will end up in tens of thousands of debt by time they can even start looking for a job that needs those skills.

The problem is not so much the loans. But, the high levels of interest. Even though students get some of the greatest rates, the student loans can add up. Wouldn’t it be nice to get better rates?

Getting student loan consolidation is a solution. And how it works is simple, and can make sense. Lenders like to loan out large amounts. It means they need less marketing, and less administration. If a person gets a ,000 loan, it is easier and cheaper for them than 20 – ,000 loans. This means you get a better rate, and your repayments could be consolidated to one loan, at a cheaper rate.

There are bad points to getting student loan consolidation programs to consolidate your student loans. For example, a student loan, because it is bigger than those small student loans, generally will need to be repaid over several years, if not even a decade or more.

A big benefit of student loan consolidation is that it is easier to manage. Student loans that come at various times in the month can really cause havoc on your finances. Having a repayment date for one loan makes life easier.

There are drawbacks to the benefits of easier management of loans by consolidating a loan. If previously, you found it easier to wiggle through all those student loans, you may now have a problem with paying back one big repayment.

To be able to get student loan consolidation, you will need to have loans that equal more than ,000. This makes it not available to everyone, especially if you have only recently started your education.

A tip which may help you when you are looking to consolidate your student loans, is that some of the consolidation programs will try to attract you to the program with incentives. These incentives could be a lower initial rate, and this could work out worse off than finding a low rate in the beginning, that runs throughout the term of the loan.

The first thing you want to make sure you do is to do some research before choosing one particular student loan consolidation program. Online this research can be much easier, and finding online student loan consolidation programs is a popular route to getting the best deals. Make sure you do some research, as there are many different packages, even out of student consolidation loans that can give you great rates.

At one time all you needed was a high school diploma in order to attain a good occupation. Nowadays, it’s a different story, a college degree is virtually mandatory for any type of good-paying occupation. Alas, college is extremely costly. Even when you attend a state school with discounted in-state tuition, college costs frequently surpass those of autos and houses. Although most families don’t have the funds to ante up for a multi-year college education, assistance is obtainable in the form of a school loan.

The school loan is available in two different flavours. The need-based school loan is for people who need help with paying for an education and are configured to meet part of the educational costs. The non-need based loan helps to pay a share of the family contribution when cash is tight.

For both graduate and undergrad pupils, the Fed Stafford Loan offers up a simple-interest, collateral-free, government secured school loan. While the student remains in school, interest accumulates at a lesser rate. The rate of interest is fixed and doesn’t adjust up or down during this time. Once the Stafford school loan is taken out, there is a rate of interest ceiling that’s imposed. At no time during the lifetime of the loan can the rate of interest rise above this ceiling. When the student leaves school or graduates, they’re afforded a six-month goodwill period before they have to commence repayment of the loan.

The Federal PLUS school loan, or Parent Loan for undergrad Students, is akin to the Stafford loan. Its non-need based, and is also no-collateral, simple interest, and government secured. PLUS loans permit parents of undergraduate students to borrow up to the full amount of college costs, less any fiscal aid, grants, or scholarships. PLUS loans are up to ten years in length and there is no penalisation to prepay the loan in full. Parents can start payment while the student is still registered in school.

These loan options occasionally don’t cover every cent of all college expenses. When there is a gap between loans and true costs, alternate loans may be looked for. A lot of lenders offer up private student loans that are akin to the government student loans. They have low rates, no charges, deferred payment, and multiple repayment choices. A different option is for parents to borrow against their house equity to finance college training.

Although this alternative offers income tax advantages, a home equity loan doesn’t have the same sort of flexibility as federal student loans. For instance, when fiscal hardship arises, federal student loans may be placed in forbearance. Home equity loans cannot. Besides, loans can be consolidated into one student school loan that has adaptable repayment choices. Home equity loans commonly only have one repayment option.

Education is an investment that pays for itself, giving you the opportunity to open doors that would otherwise remain closed. What’s more, chances are up to 30% greater that you will not face unemployment if you have a college degree. From earnings to pension plan, health coverage and overall community vigor, are some of the pluses that high education yields and rewards its recipients and society as a whole.

A student who graduates from college with just a four year degree, does he or she really make more money? They will have a high price loan to repay over many years. And if one starts right out of high school there are several jobs where they could be advancing and making good money, correct?

A recent study shows that each additional level of education draws a higher lifetime income. While the high school graduate age 25 and above earns about $26,000, the college graduate age 25 and above, earns about $42,000. That is an annual income premium of about $16,000, or around 60 percent.

Yes, the college grad will spend years paying off loans. But eventually the earnings net of loan payments will pull ahead of the high school graduate’s. A report released September 12, 2007, “Education Pays’ at a College Board panel on Capitol Hill, the following results were released:

A college graduate will learn about $1 million more over their working lives than high school graduates. By the age of 33, the typical college graduate who enrolled at age 18 has earned enough to compensate for both tuition and fees at the average public four year institution and earnings they missed out on during the college years. College graduates in 2006 earned recorded high starting salaries at $54.000.

It is widely recognized that people with a college education get further in their professional life, more often achieving their career and monetary goals, than those without a college degree. Today, even the meaning of the word college has changed. Statistics show that every bit of post secondary education a person gets boosts income and opportunities over their lifetime.

In the last 20 years, the share of jobs requiring some college has risen from 28% to 64%, and is still increasing. It is important, more than ever each year, for you to learn all that you can about what is available and how to get into and succeed in higher education.

Everyone describes the act of consolidating school loans slightly differently. Some say consolidation cuts your monthly payments. Others prefer the interest rate decrease after 36 months more useful. Finally, others enjoy only paying one bill each month.

Looking at federal loan consolidation, this is a fixed rate-refinancing program that combines all of your existing federal loans into one new loan. Examples of potential loans you can consolidate include Stafford, Parent PLUS, Perkins, and Direct. In terms of saving money, school loan consolidation can lower monthly payments up to 53 percent.

Alternatively, private student loan consolidation is a separate program for refinancing all nonfederal school related debt. This method of consolidation offers the convenience of single, lower monthly payment for an individual’s private loans.

Legislative has recently been passed regarding federal loans. In-school consolidation is no longer an option. You will need to be out of school to be eligible to consolidate.

Next, you’re no longer required to have multiple lenders. And, you are no longer able to consolidate your loans with your spouses’ loans. A federal consolidation loan is a governmentally set term and will be the same regardless of who your lender is.

Many people consolidate with the government because they assume they will have more benefits than other programs. The reality is that the benefits of the loan will be the same regardless of whom the loan is through. The primary conclusion, or the “financially smart” option is not going to be the same for each student.

It is a factor of how you plan to repay your debt and what is most important to you at this in your life. It also depends on where you live. Consider all options, most states offer many different types of consolidation programs.

We now look at the changes and considerations for private loan consolidation. First, you cannot consolidate private loans until you’re out of school and beginning repayment. Next, you cannot consolidate private loans with federal loans.

Unlike federal consolidations, in the vast majority of instances, consolidation private loans will leave you with a variable rate loan, not a fixed interest rate. As mentioned, there are only a few companies that don’t have stipulations in order for you to use their consolidation refinance program.

You will want to shop closely the loans rates and terms because the lender, not the government sets the interest rates (most are linked to the Prime Rate.) Perhaps the most important question to ask is “how is your credit now”? Private loans are credit-based and if in any way you have had problems along the way you should reconsider.

The FAFSA is the starting point of almost every kind of student financial aid in the United States. Ever wonder who is the largest provider of financial aid is? Well, it’s the federal government.

Every year, it gives out more than $70 billion in grants, loans and work-study awards to millions of students. No matter who you are, you simply have to complete the FAFSA, which stands for the Free Application for Federal Student Aid.

You can find the FAFSA online, at high schools, at most libraries, or at a college financial aid office. It will list the deadline of June 30th, but our school’s deadline may be in early spring. You should get it in as soon as possible after January 1st.

You will need tax forms in order to fill out this form and if you or your parents have not completed them, you should estimate the information and make the corrections later. It is very important that you get the form in on time before the money is allocated.

Even if you’re applying to 12 schools, you need only complete one FAFSA. Make sure that you submit all required forms and paperwork requested. It’s best to beat the deadline if possible. Certain types of aid are offered on a first-come, first-served basis.

Applying online is the fastest way to submit your form and get your results. You will need to request a PIN number from www.pin.ed.gov. Also, filing online can help you catch mistakes quickly and make the corrections. There are other need-to-know facts about FAFSA.

If you are a male, be sure that you have registered for Selective Service. If you’re over the age of 18, male and have not registered for Selective Service, your FAFSA will be rejected. Don’t lie on your FAFSA.

The government randomly flags a certain percentage of FAFSAs to verify. If they find out that you lied, you can lose your aid, and be charged with a federal crime. If your parents are divorced, the parent you lived with the most in the last tax year is the one whose income you will use.

Once you have submitted your FAFSA, it goes to the Central Processing System (CPS). The CPS uses the Federal Methodology to calculate your results and create your Student Aid Report (SAR).

This is then sent to you, your schools, and your state aid office. Keep a copy for your records. Regardless of the school, certain aid will be available to you as long as you qualify, such as: Pell Grants, Direct Loans, and Federal Family Education Loans.

The business of giving out borrowed finances to clients has turned into a multi million dollar investment over the past several years, and thousands of businesses have been able to become very profitable off of the high interest rates that are often attached to them. Obtaining loans has become quite a normal thing to do and almost a necessity if you want to get through life in todays complex financial society. There are many different types of loans that are available for customers to apply for and use, depending on the types of things that they want to purchase.

Without a doubt the most common kind of borrowed money acquired is an educational loan. Educational loans are usually obtained by students who are wanting to get a higher education and do not have the financial means to pay for it. Receiving an education at a university or college can be very expensive, especially as your advance into the higher degrees of learning which include master degrees and doctorate degrees.

Many students usually obtain only one type of loan that helps them to pay for the achievement of their college degree. This is an easy loan to obtain and can easily be paid off throughout the next few years after the education is received. The majority of students who only get a bachelors degree only have a four year loan to pay off and do not have to worry about consolidation.

In general there exist several students who have desires for a higher education that gives out degrees that are more expensive than seeking a bachelors degree. For these students, taking out loans can be much more expensive and much more frequent as well. They often accumulate many student loans that they have to pay off throughout the next couple of decades in their lives.

People who have accumulated a lot of borrowed money to pay off can combine them into one monthly payment. Before doing so with one bank, however, they must make sure that there are no hidden catches or strings attached to the consolidation. Many times, banks try to increase interest rates dramatically and fail to inform the payer.

The procedure of combining multiple loans can be very tricky and involve many specifics that are hard for a normal, inexperienced student to understand. Another option that is available to students who need money for an educational degree is what many businesses call a direct student loan. A direct student loan comes straight from the educational bureau of the federal government and is given out in response to the financial needs of certain individuals.

There are several good things that arrive from obtaining direct student loans, one of which includes how simple and easy it is to understand them. The federal government does not make the payments for the loan due until after the educational career of the student is finished and he or she has secure employment. Another benefit of this particular student loan is that the federal government only requires a minimal interest rate that most students and their parents can easily afford.

The executive director of the Project on Student Debt, Robert Shireman, was interviewed regarding the best strategy for students to use for financial-aid decisions regarding higher education. We will review his comments and advice regarding the Stafford Student Loan and others.

Go with the federal loans first, not only do federal loans carry a fixed interest rate, but they also are easy to apply for and offer flexible repayment terms and, in some cases, a government subsidy for part of the interest.

The number one government loan to aim for is the Perkins Loan. It offers students up to $4,000 a year at a fixed 5 percent rate. The feds pick up the tab on the interest until the loan comes due.

You don’t have to shop for a lender to connect with a Perkins. These days they dole them out sparingly. The federal fund that supplies the loans isn’t being replenished to the full amount. If you are offered a Perkins Loan waste not time it accepting it.

The next loan you should want to go with is the Stafford Loan. This loan is available to any student who applies for federal financial aid; it carries a fixed rate of 6.8 percent, compared with the recent prime rate of 8.25 percent.

Students may borrow up to $3,500 a year as freshmen, $4,500 as sophomores, and $5,500 as juniors and seniors. If your family qualifies for need-based aid, the federal government will pay the interest on the Stafford Loan until it becomes due.

Other wise, interest starts building on day one. Students can defer repayment until six months after graduations and extend repayment from the standard ten years to as many as 25, lowering the monthly amount (but adding to the overall cost of the loan).

Uncle Sam makes for a lenient lender, as long as you don’t duck out on your obligation altogether. Borrowers who ask for forbearance can postpone payments for up to a year at a time and defer them if they return to school.

Stafford Loans offer subsidized and unsubsidized loans. What is terrific about a Stafford Loan financial aid package is you may be eligible for either one or a combination of both. The big difference between the two is when the interest begins to accrue.

The Plus Loan follows the Perkins and Stafford Loans from the government. After this you would have to look into private loans, which carry variable rates and tougher terms.

The government loans are by far the best if you are able to obtain one. You are able to combine a Stafford Loan with other available loans and they work with you in the installment, enrollment and repayment areas.

An overwhelming majority of Americans believe first priority in federal higher education aid increases should be given to low and middle-income students striving for college, according survey results released by the US House Committee on Education.

The Education and the Workforce Committee Chairman, John Boehner, agrees that the federal resources should be directed to the low and middle-income students. This was the purpose of the program and the very students it was created for.

Three bills (H.R. 4102, H.R. 2711, and H.R. 2504) have been introduced that would make future improvements and make that shift so needed for the students that it was meant for.

We all wish our parents were able to start putting away $100 a month beginning the day we came into the world. Most likely, it was a challenge for them to make ends meet from month to month and give their family all they needed during those years.

Well, it’s time to start thinking of ways to accomplish your goal of attending college on your own. One of your first moves should be to fill out the FAFSA. This stands for Free Application for Student Aid.

Being in the low and middle-income range you certainly should be accepted for financial aid. A little tip regarding FAFSA, do not be afraid to call the school and ask for more. I’ve seen it work a little, well, 100 percent.

Never assume you are not smart enough, poor enough, athletic enough, or good enough at standardized tests to get money for college. Colleges are in the business of educating students. They want students and will help them in the area of obtaining money.

Look into programs that offer regional tuition waivers. The vast majority of states are involved in these programs. Some states offer reciprocity with other states, which means neighboring states will offer you the same price as if attending school in your own state.

Another way to earn money for college is to take a year or two off and get involved with Americorps. For one year of full time (a total of 1,700 hours) paid service, you are paid $4,725. And you can do this for two years of earnings for $9,450.

There are many other ways to get your desired education and not to stop after obtaining your first degree. Once you get going you will understand the many work-study and programs that are out there. Most of all it will depend upon your desire and your willingness to do so.

To begin with we will share a story of a pro-mortgage individual. I have owned a mortgage. I have also owned a student loan. There is a big difference. When I got the mortgage, it included the house.

The house is guarantied, the job is isn’t. When I got the student loan, it only came with a high interest rate. There are so many people that have invested time and money into an education.

Then later to deal with the disappointment of no available positions after time invested. Or even worse, moving back home which can become a reality. Many have become rich investing in real estate.

The house can be flipped to make a profit, the education cannot. We all need a good education, I cannot argue with that. But in my case, experience was the best teacher.

Now we will look at the pro-student loan view. Of course many people who take out a mortgage happen to have student loans, so what do those individuals do when comparing which was more valuable as an investment?

In today’s fast paced society where many determine their self-worth and judge others by their bank account, their possessions, and of course their mortgage, the more and larger the better.

Those that subscribe to that belief must have been the same individuals in college just to get a piece of paper that they thought would give them a huge paycheck.

While many fools rush out to get student loans, those who invest in an education will not only gain something far more valuable than a home or car, but will ironically make more in a lifetime than the fools who only see dollars.

Then there are those who pursue an academic field that leaves others wide eyed and confused. They are individuals who see value in learning and not a paycheck. Their treasures are not those of the world.

Their passion is in their field and may end up giving them more satisfaction than any money or mortgage. A mortgage is a good financial investment, but without an education your mortgage can even cost more.

The individual without an education won’t possess many of the things that are truly important. Material possessions are to be shown and make you and others feel good at times.

However, an education is something that will always serve you well and never be lost. Student loans are part of an investment in you, an investment that will always keep paying off for you.

Smart use of your money and your credit in college will enable you to spend the money you earn when you graduate on things you really want like a new car or house instead of all of your income going towards dept repayment.

A short story from a graduate that experienced the journey follows. If I knew at 18 what I now at 28, I could have prevented so much disaster from happening. Instead, I owe $150,000 to student loan companies with no escape.

I hope that you will read this before you fall into this trap. At 18 college was a dream come true. I could study without parents to monitor my class attendance, my coffee intake, or my late-night slurpy runs to 7-11 with friends.

I had worked part-time as a teen, but had no savings or significant sense of financial responsibility. I decided to finance a private school liberal arts education in my native Southern California with student loans.

I qualified for some federal money. The rest of it would come from private loans. A few thousand lattes later and some new clothes each semester, the bills started to add up. So it was impeccable timing when the credit card solicitors hit me.

Finance charges and interest rates, what’s that? These concepts did not matter at the time to me. I graduated four years later with $150,000 in student loans and $11,000 in credit card debt.

Use your student loan money to finance your education, not your lifestyle. Tuition, room and board, and textbooks are smart ways to spend your student loan money. You’ll be paying these loans off for the next ten to 20 years, so use the money wisely.

In addition to student loans, a heavy burden is the credit card debt. In the first year of college the average debt was $2,169 on these cards. At interest rates of 15 to 18 percent, you will be paying off this credit debt into your 30s or 40s.

The way you handle your debt will follow you for many years. If you max out your credit line, don’t pay your bills on time and keep collecting credit cards to add ways to obtain money, you’ll have a very poor credit score after you graduate.

A budget helps you plan ahead by knowing how much money you have coming in and going out. It gives you the power you need and the peace of mind of knowing where your money is going. Plan to save money while in college so you can spend money on the items you really want when you graduate.

Are we really in deep trouble if we do not have a college fund set up for our children when they are already to head off for college? Or, are we bad parents? Helping your kids through college is wonderful and demonstrates that you value their education.

Currently there are parents that barely get by, but no matter how tough it gets, they always manage to put money in the kid’s college funds, even though they can’t afford to purchase a house or contribute to their own 401(k) plans at work.

If you have to choose between putting money in the kid’s college funds and buying a house, but the house. You may be able to pay tuition with a home-equity loan when the time comes. You may find it easier to pay for college when that time comes.

It’s great if you can start saving for your kid’s college tuition 10 to 15 years before they need it. But early years of raising children can be the most financially challenging. Parents’ careers are just starting, perhaps just getting into a home and starting investing.

Your kids may choose not to go to college. Will it be OK with you if they decide to pursue a career that doesn’t involve college, instead start a business? Don’t put so much emphasis on saving for college that it creates a conflict between you and your children.

Your retirement plans are more important than your children’s college funds. Your kids can get through college somehow, and you will probably find a way to help them. It is more important to plan for your retirement. Your kids can get student loans, but there’s no such thing as a retirement loan.

Your 401(k) plan should be dedicated primarily to your retirement, with the secondary possibility that you might need to tap into it for college expenses. There are two primary drawbacks to using your 401(k) funding.

First, if you withdraw funds before you are 59 1/2, you will owe a 10 percent premature distribution penalty on the withdrawal. This penalty is in addition to income taxes you will owe on the withdrawal.

Second, dips into your 401(k) reduce the amount of money you ultimately have available to reap the benefits of compounding and tax deferral. This, in turn, reduces the overall funds for your retirement.

Your retirement savings plans are not like any other investment. It is much wiser to go the traditional way for student aid, grants, scholarships, federal and state assistance and then look into private loans.

A good word of advice is to have your child as a co-signer so he is aware he has a part of this investment in the long run.

Post-secondary education is so expensive nowadays that many students find themselves overwhelmed by the costs. Many under these circumstances simply choose not to pursue it.

Loans for students enable those who wouldn’t have attended college due to the cost to go anyway. Make it a point to carefully weigh all of your options before making a decision. If you do choose to go ahead and get a loan keep in mind it will have to be repaid. This means that if you START post-secondary education then you should FINISH it. By finishing it you will in all probability gain the additional financial rewards that go along with the extra education making the monthly loan payments in- consequential. But if you don’t then you will have incurred additional debt with no return on investment whatsoever!

Student Loan Defined

The type of loan that is offered to an individual so that they can attend college is known as a student loan. Usually a student loan carries a relatively low interest rate and are usually issued by the government. These loans usually have an interest rate that is substantially lower then similar unsecured loans. Just make sure when you are considering a loan that you understand what the interest rate is and what the payback conditions are. Better to be well-informed before you make the decision.

Refinancing A Student Loan Steps

Once you have received a loan you may consider the option of refinancing later on down the line. By refinancing your student loan the main goal is to reduce your monthly loan payments. Before you go ahead and refinance a student loan there are a few things you are going to have to consider.

First know that these loan rates vary by lender and also by your credit history, so before you go ahead and refinance a student loan you want to make sure that your credit history is in good shape. If not, then you will want to take a bit of time to amend it as best you can before you go through with the refinancing process.

In Summary

Receiving a student loan can definitely be worth the interest rate you end up with. Getting the loan allows you to pursue the career of your dreams and further your education. These choices may not have been available otherwise. However, with the student loan comes the very real responsibility to pay it back on time.

The common notion that buying a home is your largest expenditure a parent would ever purchase is not really true. College education if it is not the largest will come in very close next to your home purchase. Parents who want to secure private student loans will have the daunting task of obtaining student loans for their sons and daughters education. Avoid the big mistake of saving later or waiting until you are financially capable.

The key in planning for your children’s education is planning in advance. Your sons and daughters educational funding should be well planned. Always consider the source of funds on top of your personal savings. Always budget for every single expenses that you do to avoid over spending. When calculating for college cost and expenses, there is COA which is generally referred to as cost of attendance.

The COA consists of five significant items you need to understand in calculating college costs. These consist of; tuition fees, room and board, transportation, book supplies, and allowable personal expenses. Two times a year the federal government recalculates the COA for each college and then adjust to inflation. The government uses the COA figures to determine your child’s particular financial need come financial aid time.

If you are a parent and cannot afford to fund your sons and daughters college there are many options available to you. Stafford Loans are low interest rate loans borrowed in the students own name. There is no credit report review. Co-signers are not required. The funds for Stafford Loans are provided by private lenders and are subsidized and guaranteed by the Federal government.

Federal Stafford Loans, is available to both undergraduate and graduate students, are one of the surpassingly affordable ways to pay for school. Private student loan is another way of getting a higher education. These loans come in unsecured and credit based loan which can be used for any education related expenses. Covered in this type of private student loans includes your tuition fees, books, room and board and even your new laptop computer.

Repayment for private student loan does not start until six months after you graduate. To some parents they may cosign to help increase the qualification chances and increase the loan amount. Some financial lending institutions offers can be obtained thru online applications. You can borrow between $1,000 to $40,000 per year. You can have the money sent to you in two days. No financial aid forms required and no school certifications are required. They also have flexible repayment terms.

Do not be desperate if you are a parent. There are many options for you to take. All you have to do is go online and inquire which the best that suits your predicament.

Private student loans can be easily obtained if you are serious about it. Just make sure to take care of your student loans and do not spend it somewhere else to avoid problems later on.

When teens live at home there are so many financial decisions that they never have to make. How much to spend money on food, essential bills, like rent and electricity, and clothes and entertainment often never cross the teenage mind.

Managing a college budget marks the first time, for the majority of college students that they have to be responsible for handling their own finances. It can be stressful and challenging. That is why you must have a solid plan entering college.

As the college years begin, high school graduates prepare themselves for a new life. College is full of life lessons and the biggest lesson involves handling money. First, new college students need to start with a budget.

To be fiscally fit you need to know how much goes in and out of your account. Keep monthly records of your spending either on paper on in the computer. You need to get organized so you know exactly what you spend from food, school supplies to gum.

The main goal of a budget is to see where the money is going and where you can cut back on. Smart spending equals savings. Find inexpensive ways to entertain yourself. Visit museums, parks, coffeehouses, consignment shops and the library.

You will be able to make many new friends that will be doing similar things to save money. Keep your car at home. Parking, insurance, gas, repairs, oil changes are additional worries that students could live without.

Purchase used books. Used books are usually in good condition and cost about half the price. Also check the message boards and the Internet. Food can be your largest expense. Some students opt to work in the college cafeteria.

There food is either free or sold at a very inexpensive cost. Buying food at a grocery store, cutting coupons and purchasing food in bulk will save you so much more than eating out. Live within your means.

Don’t buy what you can’t afford. Pay cash for what ever you buy. Credit card debt once it piles up, can take a huge chunk of your income in interest alone. And when going out on the evening take only what you can afford to spend.

Pay attention and protect yourself. Read your bills and statements each month. Keep track of your receipts, account numbers, and mail. Purchase a shredder to dispose of all personal material with private accounts and information.

Some schools will meet 100 percent of your ‘need’ in grants and scholarships, and some will meet 100 percent of it in loans and work-study. For the most part, it will definitely be a combination of grants, scholarships, loans and work-study.

The majority of financial aid comes from four primary sources, which are: 1. Federal Government 2. State Government 3. Campus-based programs 4. Private Scholarships.

Starting with the Federal Government programs, there are three major federally based programs: 1) Pell Grants 2) Parent PLUS/SLS Loans 3) Subsidized and unsubsidized Stafford Loans

Pell Grants: The Federal Pell Grant does not have to be repaid. Pell Grants are awarded only to undergraduate students with extreme financial need.

Parent PLUS/SLS Loans: PLUS stands for “Parent’s Loans for Undergraduate Students.” These loans are in the parent’s name and aren’t based upon ‘need’ but on credit approval.

Subsidized and Unsubsidized Stafford Loans: These loans are available through the Federal Family Education Loan (FFEL) from a bank, credit union or other lenders that participate in the program.

A subsidized loan is based upon the need of the student and the unsubsidized is available to families regardless of the need. Each state differs in their state government based programs.

These can include grants, scholarships, tuition assistance, and loans. The best thing for you to do is to contact the state in which you are planning to attend school at and contact their Office of Higher Education Student Assistant Authority.

Ask for a guide to the programs available to you as a student and any other information that they think might be helpful to you.

Campus based programs are funds that colleges and universities receive from the Federal Government and from private endowments. A specific amount of money is given to a college each year.

Once that money is awarded, there are now more funds available until next year. This is why it is so important to file your financial aid form on time and correctly since aid is awarded on a first come basis.

There are millions of dollars given away each year in private scholarships to deserving students by organizations. It is recommended NOT to pay for scholarship researches.

Finding these scholarships and applying for them can be a frustrating, but rewarding process. Be persistent and apply for all that you can.

The best place to start is in your high school guidance office, then move onto searches on the Internet.