Student Loan

Topics: Debt, Money, Payment, Default, Loan, Interest / Pages: 2 (442 words) / Published: Jun 9th, 2013
Student Loan Summary
Ashley Claycomb
FP/101
June 9, 2013
Cassandra F. Jackson-Rhodes

Student Loan Summary

Not many students worry about the choices they have to reduce the amount their borrowing towards school loans until they borrow too much and have to repay it all back later. The First choice every student should make is to borrow as little as you need this meaning you also need to build your own budget. One thing students should consider is student loan consolidation, since these can help lower monthly payments and lower interest rates. I learned that I could reduce my tuition by applying for grants and/or scholarships. In this point of my life I am focused on my education but at the same time trying to work as much as I possibly can to put money back to pay what I personally decided to borrow. I figured the more I can save and pay off in advance, the sooner I will be debt free. There were a few areas that I felt compelled to borrow more to make sure I had those extra expenses covered when I was enrolling, and when discussing with my enrollment advisor he encouraged me to only borrow what I felt like I needed. At this point, I didn’t know exactly how much I needed only because I was new and nervous to these big steps I was making for myself. As we continued to discuss, he explained the minimum amount needed and that’s what I chose to borrow. I also qualified for a grant because of being a single mother, with this being my chance I took advantage of this and it has allowed me to keep my student loan at a minimum as well. It also helps knowing I’m going to class online so I really don’t need to go out and spend extra money on new laptops and such things, when the one I had is perfectly fine to get my school work done. To make my student loan payment more manageable, I opened a savings account only for school. I plan on taking a hundred if not a little more from each pay check. I also plan to take a decent amount from each income tax, I figured

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