Avoiding long-term debt when applying for college
October 20, 2011
College is a significant investment for any individual, but it can be extremely taxing for a mother looking to create a better life for her children. Whether you're working multiple jobs or simply want to break out of your mundane full-time gig, there's no better time to get back in the classroom and find out what makes you truly happy.
College scholarships and grants are the first places a mother should look when seeking funding for college. These sources of college funds can drastically reduce the cost of tuition, and won't need to be paid back.
However, scholarships and grants probably won't cover the whole cost of college, so a student loan might be necessary. Look into federally-subsidized loans before signing up for a private loan, as these funds can be paid back gradually and reduce a person's risk of dealing with interest rate fluctuation.
Above all, prospective students need to practice financial responsibility to keep their costs under control. Creating a monthly budget and making payments on time can help to streamline the process and drastically reduce one's chances of long-term debt in the future.
