How To Avoid Debt College Students

When it comes to accumulating debt, college students take the cake. We borrow money from the government so we can pay for pretty much everything. As soon as we sign the promissory note we are set with loose instructions; all loans must be used for school expenses. Realistically, as soon as you go to college most everything becomes a school expense. The basics such as tuition and books are covered in our loans and then we are left with the rest. If there is any left over money, many students go hog wild when receiving their reimbursement checks. Knowing this borrowed money doesn’t have to be paid back until after you’re out of school for a while seems like a gift, but using all of the loan doesn’t set you up for real life. The government should have to do all of the work, but there are many tasks a student can do individually. Instead of leaving college with a mountain of debt, I have personally found a few ways to limit my borrowed money by saving part of my paychecks, avoid borrowing unsubsidized loans, and create and go by a budget.
To limit the amount of loans taken out, the student could start saving money. For every paycheck received half of the money would go into a savings account. This account is meant for college and any other costly things. Saving …show more content…
Seeing as the government pays the interest on subsidized loans try your best to save unsubsidized loans as a last resort. Since taking out loans becomes a necessary evil, throughout my college career I have been paying back as much of my loans as possible on a monthly basis. Some months paying more than others is achievable, but it all comes down to how well the budget is followed throughout the month. Budgeting monthly expenses has become one of the most useful tasks I put in place for myself. The budget includes food, rent, gas and any necessary monthly living expenses as well as savings money and money to pay towards