5 Steps to eliminating debt while studying in college

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Debt is a term that causes an immediate feeling of discomfort to all of us. Graduate school debts manage to make us feel even worse because of the sense of uncertainty it essentially entails. Here are ten ways how to become debt-free while in college.

  • Aim to become debt-free - This is the most important and the first step towards reaching your target. What you need to do is plan flawlessly as to what the course of action must be; what you need to immediately do or stop doing which in turn will reduce the drainage of funds, which could be channelled into paying the debt off. With a clear road map, a fair idea about the challenges ahead, being fully aware of your strengths and weaknesses and putting them to proper use you can stay motivated towards achieving your target. Always remind yourself that what you are doing is in order to have your freedom.
  • Look for a part-time job - You must look for another income-yielding part-time job to occupy your usable unemployed hours of the day instead of wasting them in idle languor. The extra money you earn will definitely speed up the process of debt-clearing by leaps and bounds.  Instead of just thinking of saving, you must have your mind open for the other appropriate option which is increasing your income, an option which most people miss out on. So start with something as simple as selling things on Ebay or Amzon. Remember that you can do amazing things with your skills which will not only earn you money, but also build you a reputation.
  • Apply for Scholarships and Fellowships - Apply for scholarships and fellowships without pondering much over it. Hesitation will only delay the process and time and money will be lost. Such grants can not only cover your tuition fees but also do wonders to your bank balance and your standard of living without having to do much on your part except for applying for them and providing the funding agencies with timely update.
  • Choose your subjects with a professional outlook - Be clear about your employability after having graduated with the subjects you have chosen for your major. Marketability of the subjects must be kept in mind in order to land a job that would pay for the efforts you have put in. Just because you love literature does not mean literature would fetch you a reasonable pay package. Be practical while choosing you’re major.
  • Be financially responsible - There is a need to be financially responsible when you are taking even the smallest of decisions, for example going out for dinner. You need to make smart choices in where you live, what you spend on and things you invest in. Being responsible in dealing with your finances can give you a big edge when it comes to clearing your debts.

The above tips if followed closely can help you pay your debt off within the targeted time. In addition to this what i did was forget that i ever had a credit card. The credit card is a very tempting way to send your finances to hell. Remember that borrowing in order to get out of a debt and thus incurring more debt is unwise and fatal.

Last Updated on: Sat, 9 Jun 2012

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