5 Keys to Avoid Stockpiling Debt While in College

posted 9/11/2013 in General

It's no secret that the cost of a college education is rising to unprecedented levels. With average student loan debt topping $24,000 across the country, it pays off now more than ever to be financially responsible at a younger age.
The less debt you incur during college, the better off
you'll be financially after you graduate.

Yet, when most people think about how to avoid accruing student loan debt they immediately jump to scholarships. Sure, scholarships are a great resource, but their quantity is limited and most don't cover all four years of school.
A much more guaranteed approach to preventing large amounts of debt is to take charge of finances and learn how to become a fiscally responsible adult. Here are a few tips and how Lincoln Savings Bank can help.
Find a part-time job- yeah, yeah, working while at school seems like a drag. However, many school jobs pay pretty well. Making $12 an hour while working 15 hours a week and depositing it in your LSB savings account can leave you a good chunk of change to apply toward education expenses.
Pass on the extras- you don't need a student credit card from a major credit company, and you especially don't need the high interest rate they charge. You can also stay on your parents' health insurance until age 26, so you can pass on the student health coverage your college offers.
Take it easy on the partying- once a week is enough, and you'll be saving money by not paying cover or buying beverages. There's plenty of free fun to be had that your bank account will thank you for.
Find a paid summer internship- earn a little money over the summer, get some experience in your field and set yourself up for future success. What's not to love?
The power of the student ID- from college events to various businesses, your student ID can be used for a number of discounts. Carry it with you at all times and ask about student discounts.

While we can't guarantee that you'll graduate without any debt at all, these tips should help lessen the load while teaching you the financial skills you can use throughout your life. From all of us at Lincoln SavingsBank, good luck and let us know if there's any way we can help!

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