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Tips to avoid huge college loan payments

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It is becoming much more difficult for students to put themselves through college, but by following some expert tips, it is possible to make up the difference between tuition and financial aid.  Parents should consider a prepaid credit card with no credit check most associated for people who have been denied a bank account.

It is becoming much more difficult for students to put themselves through college, but by following some expert tips, it is possible to make up the difference between tuition and financial aid. Parents should consider a prepaid credit card with no credit check most associated for people who have been denied a bank account.

Recent reports show that college students are leaving school with more credit card and student loan debt than ever before. But according to Gerri Willis, the personal finance director for CNN, it's possible to have the government help you pay back those loans.

Willis says that programs like Service for America and Americorps give students money toward their loans in exchange for volunteer service. In fact, spending time in the Peace Corp could cancel 15 percent of a student's Federal Perkins Loan per year.

It's also possible to cut loans depending on what line of work a student goes into after graduation.

"If you become a teacher in an elementary or high school with students from low-income families, you can have a portion of your Perkins Loan forgiven," says Willis. "Each year you teach you can get a portion forgiven, up to five years."

To avoid getting into credit card debt during their college years, some parents may want to consider a prepaid credit card for their children. With no credit check the card is helpful for people with bad credit or who have been denied a bank account or are on the ChexSystems database.


 
 
 
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