If you want to go to college or graduate school but don’t have enough money to fund your education, you can apply for student loans. But you have to keep in mind that student loans, although helpful, can leave you with a large debt to pay off once you finish your studies. Below are some suggestions on how you can make it easier for yourself to pay off student loans.

Getting the funds for college and living expenses can be a big challenge. Some might even say it is tougher than getting into college. Before you even consider taking out student loans, do your best to find grants and scholarships. There are need-based financial aid, we well as merit financial aid. No matter what your financial circumstances, fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA determines your eligiblity for federal grants, as well as your Expected Family Contribution. Colleges use the EFC to determine the financial aid they may offer you.

Students should also look for outside scholarships. Students who do well academically may have many opportunities to apply for scholarships because there are many scholarships with GPA requirements. However, if you did not do all that well in your classes, you are still in luck. There are also many scholarships that do not require a specific GPA. There are scholarships for students with financial need, but there are other scholarships open to all students, no matter your financial circumstances. And, there are scholarships available to students of all levels, not just high school seniors. For example, if you are already in college, there are many scholarship opportunities for you. Scholarships are great, but be sure to schedule time to apply for scholarships. Many scholarships require some work, such as writing an essay.

Even with the work you put in to find free college money, many students will need to stay out student loans. Here are some tips for considering student loans.

Plan your course of action

Before you apply for student loans, you have to consider various factors. Take into account the interest rates of these loans and how much you’ll have to pay off once you graduate. Be thrifty and save as much as possible during college or while you’re in graduate school so you won’t have to get many loans. If you’ve already graduated, planning can still help you in paying off your loans. Calculate your expenses and see how much of your income can be put into paying off your loans. It’s advisable for you to pay off your loans as soon as possible so that you’ll save on interest and you won’t have to worry about your student debts.

Assess your options

Most organizations offering student loans also provide you with flexible repayment plans. There are standard repayment plans that require you to repay your loans by paying a fixed amount for a set period of time. Extended repayment plans, on the other hand, give you more time to repay your loans, but will have you paying more on interest. Another repayment plan is the income-contingent plan, which is based on costs that are calculated based on factors such as your tax return, income, and family size. What you need to do is choose the plan that fits your needs and financial capacity.

Inquire and ask for help

It’s also advisable for you to talk to your lender and ask about how you can deal with or perhaps lower your repayment costs. You can also consider loan consolidation programs that will put all your student loans into just one loan so that you’ll only have one loan to pay off. Keep in mind, though, that you must take note of interest rates and if consolidating your loan will help you save more in the long run. You can also consider asking for opinions from relatives or get tips from those who have already paid off their student loans.