07. October 2015 · Comments Off on Driving Down College Debt · Categories: Hongik College

College debt is becoming a huge problem in America, and it’s hurting the ability of an entire generation to get into everything from home ownership to healthcare. Regardless of what degree a person pursues, it feels as if they have to mortgage the rest of their lives to paying back their tuition. It shouldn’t be like that, and College Savings Bank – Phoenix knows there are a few simple steps everyone can take toward reducing their debt.

First, before you even touch a loan, remember that each loan is different. If you can get a federal loan, go for those first, because they are cheaper and include better repayment plans. Only after your federal loans have been exhausted should you start going to the private market. These private loans are often gotten from banks, and the terms are much less friendly.

Second, don’t forget to seek out other sources of college aid, such as scholarships and tuition. These can help drive down the long terms costs of college for everyone. It takes some aggression and you need to seek out the right scholarship for you, but your patience will be rewarded when you have less financial stress in the future.

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