Unlike most other types of consumer debt, student loans can't be discharged in a Chapter 7 bankruptcy, so it's in the interests of most students to borrow as little as possible. While rising tuition makes taking out student loans a necessity for most college students, most make common mistakes that can actually make that degree even more expensive. This can result in higher loans that can take years to repay.
4 Common Mistakes That Make College Even More Expensive
1. Taking Introductory Courses at a University
Introductory courses in most programs are essentially identical no matter where you take them, and are often taught by junior professors or even graduate students. At your local community college, this local coursework can usually be completed for a fraction of the price, and the credits will almost always transfer to an in-state university.
2. Maximizing Scholarships & Grants
You may negotiate down the price of college admission by applying for as many grants, scholarships, and work study opportunities as possible. Many students believe that obtaining a scholarship requires perfect grades, but this is usually not the case. Individual departments, clubs, and even local organizations may offer funds that can take thousands of dollars off your tuition.
3. Staying on Campus
Many students take out loans to pay for on-campus housing, which is not a necessary educational expense. Attending college near your home and commuting to classes can save, on average, $10,000 per year.
4. Not Asking About Student Support
When choosing a school, focus on those areas that will actually help prepare you for the future. Ask about tutoring programs and the school's track record of actually matching graduates with career opportunities.
The attorneys at The Gil Law Firm has extensive experience helping families throughout the Dothan area discharge their debts in Chapter 7 bankruptcy. With their wide-ranging experience and comprehensive list of debt relief services, they have the tools to help anyone reclaim their lives from debt. Visit their website to learn more about their services or call (334) 673-0100 for a consultation with a Chapter 7 bankruptcy attorney today.