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The cost of higher education is catapulting, and for many students, it's difficult to pay for college without taking a student loan. There is nothing wrong with taking loans to finance your education, but if you are not careful, it could lead to an overwhelming financial situation. Good news! You can protect yourself from the overwhelming burden of student loan debt by following these simple tips. Earn Stellar Grades Photo Credit: Canva You can avoid taking loans or reduce the loan you need by getting excellent grades. These grades will give you access to a lot of scholarships and grants. The better your grades, the more merit-based scholarships you can access, drastically reducing or eliminating loan debts. Research Grants and Scholarships Photo Caption: Canva Before you decide to take a student loan, try researching and applying for scholarships; this can lessen the amount of money you will need to borrow. Also, you can look up grants from organizations that help cover tuition costs. Grants and scholarships are not to be repaid and can save you from future financial burdens. Attend a Free College Photo Credit: Canva In some remote areas, there are free colleges that could help you save money on tuition fees. Consider attending one of these schools to avoid incurring expenses leading to massive debt. Choose an Affordable University Photo Caption: Canva When selecting a college, consider the cost of tuition and other expenses. Rather than enrolling in an expensive school, choose one that offers a quality education at an affordable price. You can also select programs that are affordable to reduce your debt burden. Work and Save for College Photo Credit: Canva It is never too early to start saving for college. If you start when you are a sophomore in high school, for instance, you can save up enough money to pay for part of your tuition and living expenses. Also, working part-time or an internship can help make ends meet without taking out large loans. Research the Best Loan Options Photo Credit: Canva You don't have to take the first loan offer that comes your way. Do your research and compare loan terms, interest rates, and repayment plans before signing on the dotted line. There are several federal student loan programs, including subsidized loans and Stafford Loans. Additionally, many banks offer private student loans with competitive interest rates and repayment terms. Create a Budget and Stick to It Photo Credit: Canva Once you estimate your costs, create a realistic and achievable budget to keep track of expenses and know how much money you will need to borrow. Consider all expenses, including living costs, tuition fees, textbooks, and transportation. This way, you will manage your debt responsibly and repay your loan quickly. Pay Interest During College Photo Credit: Canva Interest begins accruing on most student loans as soon as you take them. To minimize the amount of interest accumulating, make payments during college while still enrolled. If you delay, the debt will increase and become overwhelming after graduation. Use the Debt Avalanche Strategy Photo Credit: Canva When planning to pay off your student loan debt, employ the "debt avalanche" strategy. This strategy involves paying off loans with the highest interest rates first, then moving on to those with lower rates. This way, you will save money in the long run, allowing you to pay less interest fees and more towards the principal. Minimize Additional Debt Photo Credit: Canva When you have outstanding student loans, avoid taking additional debt. Don't buy expensive gadgets or use credit cards to finance unnecessary items; this will make it hard for you to pay off the loan quickly. If you must take a new loan, be sure you need it and can afford to pay it back. Create a Repayment Plan Photo Credit: Canva Once you graduate and start repaying the loan, create a repayment plan to help you stay on top of payments. Decide how much money you can refund each month and use it as your goal. Ensure you make all payments on time not to damage your credit score. Explore Refinancing Options Photo Credit: Canva If you feel affected by your student loan debt, look into refinancing options to lower your monthly payments or interest rate. Also, some lenders offer flexible repayment plans and loan forgiveness programs that could help you eliminate a large chunk of your debt. Take Advantage of Tax Benefits Photo Credit: Canva For most student loan borrowers, the government offers tax benefits. You can use these to reduce the amount of taxes you pay and get some financial relief. Also, you might be eligible for a tax deduction if your loan was for certain student expenses, like tuition or course materials. Research Employer Benefits Photo Credit: Canva Many employers offer student loan repayment benefits to their employees. Research employer policies and find out if your company offers these perks. If so, take advantage of the opportunity and save on loan interest payments or principal balance. Utilize Technology Photo Caption: Canva Technology has made managing debt easier. You can use budgeting apps to keep track of your finances and set achievable monthly repayment goals. Also, some lenders offer automatic payments for student loan borrowers; this makes it hassle-free to stay on top of your debt. More From Inspired by Insiders Photo Caption: Canva After years of work, you finally have the freedom to do whatever you want and spend your time however you choose. However, retirement can also cause regret and disappointment without careful planning and preparation. To ensure that doesn’t happen, here’s what to do before retiring. Your Retirement Will Be a Disaster if You Fail to Do These Things 15 Worst Decisions You’ll Ever Make in Your Life Photo Caption: Canva We all make mistakes in life, but some decisions can have a more significant impact than others, and bad decisions can cost us time, money, and even our self-esteem. This article covers the 15 worst decisions you can make and why you should avoid them. 15 Worst Decisions You’ll Ever Make in Your Life 28 Baby Boomer Slangs Every Millennial Should Know (or Not!) Photo Caption: Canva With every generation, new words and phrases become trendy while others slowly fade into oblivion. Today, we share some of the most iconic slang from the Baby Boomer era and their meanings. 28 Baby Boomer Slangs Every Millennial Should Know (or Not!) 20 Garage Sale Items That Sell Like Crazy Photo Caption: Canva As the saying goes, one person’s trash is another person’s treasure – and that couldn’t be more true for garage sales. Garage sales can make you good money if you know what items are in high demand and bring in a good return. To help you, we have curated 20 garage sale items that fly off the shelves! 20 Garage Sale Items That Sell Like Crazy 10 Stupid Easy Ways to Make Money While You Sleep Photo Caption: Canva Not every money you earn must come from a job requiring you to be physically present. You can build wealth passively without the need to be constantly working. Here are ten surprisingly easy ways you can make wealth while you sleep. 10 Stupid Easy Ways to Make Money While You Sleep This article was produced on Inspired by Insiders.