College loan forgiveness?

If you've been keeping up on current events, you know there have been a lot of bail-outs lately. However, I'm not quite sure this is a good thing. I mean, what kind of example is Wall Street, the Government, and our leaders sending to the rest of us?  

Contrary to the example our leaders have set, as college students, we have to be more wise with our money. How?

1. Take a serious look at our current situation. Evaluate.

How much money, exactly, do we need to save, borrow, and earn to pay for college? The amount we borrow should be considered extremely carefully, as we'll have to pay this back over the long haul. We should keep borrowing to a minimum, and spend our time working more in the summer, trying to find scholarships or grants, and cutting spending to save money and put the saved amount toward school.

2. Cut Spending.

You may never have cut a coupon in your life, but trust me, they're worth it! Look for deals on groceries, books, supplies, furniture before you jump in and buy. Also, cutting back on going out one or two nights a week is not going to kill you. Have a roommate cooking night or movie night, you might just like the bonding. (You'll for sure like the extra money you keep in your pocket.)

3. Develop a plan for the future.

Did you know that about 70% of college students and their parents borrow large sums of money for college without estimating their future earnings? It seems kind of ridiculous when you think about it.  If you have tens of thousands of dollars in debt and you make only $30,000 a year, you're not going to pay that loan off any time soon (you have other expenses once you leave college, trust me). Before you take loans out on your future, consider the job you'll get once you graduate. How long, realistically, before you pay that loan off? If you want to be out of student debt in a certain amount of time, you need to plan ahead. Sometimes, that means you need to borrow less.

Now, you may already be in a situation where you've borrowed a ton of money and are regretting it. To you, I recommend you read this article: click here. This article explores the different programs and situations that help graduated students get out of debt. In some cases, loan forgiveness. 

Remember, paying for college requires a strategy. I hope these three common sense tips get you started. Have a great day!