Preventing debt is better than having to reduce it
The simplest way of clearing debt built up from college is to prevent getting into debt in the first place, or reduceing the amount of debt you get into. I appreciate that for those already left college this advice is a little late but for those not quite there yet or who are currently there it may be beneficial.
Before signing up to a student loan make sure you have a look around at all sources of free financial aid. Many people wrongly assume that they aren’t entitled to any financial aid and so don’t do the proper research on it.
The two classifications of financial aid available are:
Needs based: This is awarded depending on the financial need of the student. To apply for this a ‘Free Application for Federal Student Aid’ (FAFSA) must be filed by the student. This takes into consideration assets and income to determine the ‘Expected Family Contribution’ towards your college education.
Useful links: FAFSA application website Tips on filling out your FAFSA
Merits based: These are scholarships generally given out by the college and can be typically awarded for outstanding academic achievements, including things like leadership potential, and for athletic talent.