When it comes to student loans, you might feel overwhelmed. There’s so much information to digest, and you know that if you make the wrong decision, you can literally be left paying for your mistake for the rest of your life.
The good news is that it doesn’t have to be that way.
If you take the time to determine your path, including balancing your career choice with student debt and taking advantage of any scholarships or programs you might be eligible for, you can set yourself up for a far brighter and less stressful financial future.
Determine Your Path Wisely
When choosing what career choice to make, choose wisely. Find a career that has the best chance for financial success, with less competition. You should also consider completing some of your courses in community college and then moving on to University.
Take Advantage of FAFSA
FAFSA stands for the Free Application for Federal Student Aid, and if you can meet the basic eligibility requirements, you need only fill out a form that can determine how much financial aid you are eligible for.
Any of the “gift aid” awarded is considered free money, and includes scholarships and grants. FAFSA.gov will start accepting federal student aid applications starting on October 1.
What are Gift Aids, Anyway?
Gift aid is considered any money awarded to qualifying students that never needs to be paid back. It can cover many common student expenses and includes things like grants, housing, scholarships, and tuition.
Here’s a pro-tip: if you aren’t happy with the financial aid award package you’re offered, you can always appeal the decision.
Related: If You Have High Student Loan Debt, Be Aware of These Student Debt Scams
Sobering Facts About Millennial Student Loan Debt
Even though you have options when it comes to student loans, you should still be aware of how millennials are coping with various headwinds.
According to ABA, three in four college graduates today will be burdened with a heavy student debt load. Taking precautions can help you avoid becoming one of those three.
In 2016, the average university graduate was saddled with $37,172 in student loan debt, which is up 6% from the year prior, according to Student Loan Hero.
In fact, a survey by the Harvard Kennedy School, Institute of Politics
found that 70% of millennials said that their finances were a key concern when they were trying to figure out if they should even go to college or not.