10 Dos and Don'ts for Every Student

Applying and studying in college is an amazing experience for every young person. There is so much to be excited about: a big city to explore, a lot of new people to meet, and, of course, getting a desired profession.

With all these positive things in the focus, it’s really easy to forget other important considerations, such as finance. Unfortunately, college is not getting any cheaper and $1.4 trillion of debt spread among about 44 million borrowers show that.

Read the tips below to ensure that you stay on the right track while in college.

1. DO study hard

Your grades determine how much you can save in college. For example, the majority of Ivy league colleges provide grants considering the needs of students using an estimated contribution from the family.

However, if you have high grades on your essay papers and high scores in entrance examinations, there is a better chance you will get grants, scholarships, and other types of financial aid on the basis of your merit. As the result, you will have a great opportunity to reduce the cost of education.

2. DO apply for scholarships

According to Debt.org, an estimated $46 billion in scholarship and grant money is available to students every year. A large share of this sum goes unclaimed because many students tend to apply only for the most popular scholarships or don’t apply at all.

So if you have to make a decision whether to apply for a financial aid, you should definitely think “yes.” Check out the site of the U.S. Department of Education to see your options.

3. DO develop your budget

As soon as you get accepted, you can proceed with planning your budget. Whether you saved money for college or not, ask around and find out how much your college recommends per year. That cost will have to be multiplied by four to estimate approximate loan requirements.

While calculating, don’t forget other spending areas, such as book, meals, and housing.

4. DO map out your degree

The degree you’re about to obtain needs to be mapped out to determine a total cost of education. Get in touch with the college advisor and tell them you need to be walked through a degree path you’re likely to take.

By asking for the help of an advisor, you can reduce the cost of your education by eliminating additional expenses, such as summer school.

5. DO choose federal loan

There are some significant differences between federal and private student loans that can persuade you to avoid taking private aid. First, private loans are generally more expensive.

Second, federal loans do not require you to start making payments while you’re in school. Private loans do. Third, the interest rates on private loans are variable while federal ones are fixed.

See more differences on Department of Education’s official site.

6. DON’T hesitate to develop a repayment strategy immediately

Always have a vision of how you will repay the loan. Even before you receive the money, having this plan will help you to ensure that a loan is repaid as soon as possible.

7. DON’T borrow more than you need

While this sounds like a no-brainer, you won’t believe how many students actually borrow much more than they need (I guess otherwise we wouldn’t have billions in student debt). The thing is, it could be very tempting to get more money, and many people choose not to resist.

Just remember, you’re going to have to repay this money.

8. DON’T think you know everything

If you found a scholarship that you think you can land, call those people and ask them everything. A scholarship is a great opportunity to reduce the cost of education, and you should take advantage of it.

If you are speaking with a loan provider, ask them if you can get a lower interest rate. Don’t assume you know all the answers.

9. DON’T spend loan money on things that are not on your list

Let’s assume you have created a list of expenses that will be covered by the loan. After receiving the money, you are all excited about your success! Maybe you should spend a hundred bucks on the plane tickets to your friend who lives in Florida… Yes, you should, if this expense was planned on your list! If not, find money somewhere else.

10. DON’T waste your first year

It’s very easy to think that everything is still a long way ahead and be lulled into a false sense of security. Well, the first year will pass very quickly and the sooner you’ll understand that you’re not an undergrad anymore, the better.

Develop a daily routine to make sure you complete all errands and stick to it. Getting a college education is an extremely hard work that requires a lot of dedication and discipline.

About our guest blogger: Tom Jager is professional blogger. He works at Awriter. He has degree in Law and English literature. Tom has written numerous articles/online journals..