Seven Tips to Reduce College Borrowing Costs
US News and World Report offers up a good list to help reduce your borrowing cost that we have paraphrased below.
1) Borrow as little as possible.
2) Check your future salary
to see what you can afford in the future.3) Shop around for the lowest rates.
4) Fill out the FAFSA to qualify for low-cost federal student loans.
5) Don’t charge tuition or other school expenses to your credit card.
6) Consider nonprofits offering access to loans such as MOHELA and NHHEAF have offered lower-cost loans. Graduate Leverage, a cooperative, is also offering competitive terms.
7) See if you can qualify for one of the many loan repayment or loan forgiveness programs, so your employer—not you—pays off your student debts.
How to Reduce Your Borrowing Costs - US News and World Report
In addition to these tips, its also very wise to do some paid work while you are in school. It generates income to help keep your debt and borrowing down while building up your experience. Many companies are having a very difficult time finding students to work for paid coops these days. The work may not always be glamorous (that’s why its called work) but it can save you a fortune in interest and give you some great work and life experience rather than wasting money on funny t-shirts and concerts.
