Keeping debt to a minimum important for lifelong success

February 26, 2013

College can be one of the most expensive yet essential parts of a person's life. This academic launching pad can put people into the best jobs, help them meet individuals that will shape their futures and provide them with life lessons that could impact the way they live the rest of their lives. Getting money for college can smooth out this process, but debt has always been a part of the higher education landscape. Now it seems that more young people are aware of this reality and are taking steps to stay smart with their funds.

Reducing the load
A Pew Research Study showed that the recession was hard on everyone, especially college students with severely limited resources. Just like pre recessionary figures, young people still took out loans and opened credit card accounts to help pay for essentials, but a distinctly different pattern also emerged during that time period. According to Pew Social Trends, between 2007 and 2010, the amount of overall student debt declined slightly, both in terms of loans and credit card values. Debt-to-income ratios also went down in the under-35 age set over the course of those few years. College scholarships and grants played a significant part in helping push down these figures and secure lower outstanding debt for many students.

Finding more assistance
Pursuing opportunities for free money is not a new trend for college-bound individuals and those already enrolled. The West Branch Times Online wrote that the 19th edition of a regional publication providing financial aid for college is set to roll out this year, providing hundreds of programs for students of all demographic backgrounds and career aspirations. This Iowa-based journal is not the only compilation of scholarships in the country, and those in other states and regions can avail themselves of similar texts by seeking out academic centers and municipal offices for documents of this kind.

As MSN Money wrote, one of the biggest things that students today need to do is be active in their search for financial assistance and college advice. Securing housing at lower cost, applying for more scholarships and finding alternative sources of income are all good tips for college that will ensure they aren't drowning in debt when they graduate.

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