November 29, 2017
Repaying Student Loans as a Student
Being able to save money while in school can be difficult. When you already work a job while taking 12+ hours of coursework or being in school 36+ hours a week, money can be tight. Millions of us have been there, but few of us have actually paid on our loans while we were in school. This task may seem impossible, but in all reality, some small changes can make a significant difference.
Monitor Spending Habits
What do you currently spend the most money on? Starbucks every morning? Buying a value meal for lunch regularly? Clothes shopping at expensive stores? Regardless of where your money goes, it likely isn’t helping you pay at least the interest on your loans that is occurring day after day. Unsubsidized loans are loans that begin to charge interest as soon as the money is disbursed. So, while you are studying, getting a coffee or binge watching Stranger Things on Netflix, you are being charged interest on your student loans.
Make a Change
Change happens. You likely have dropped a class before. Maybe changed schools or majors. Change is inevitable. Why not make it benefit you? As little as $50 per month towards your loans now can literally change your future financial well being for the better. In some cases, $50 covers more than the interest being charged and you begin to pay toward the principle of your loan. The more you pay now, the less you pay later. The less you borrow now, the less you pay back later.
Saving $50 is actually easier than you may imagine, but it does take preparation and sometimes small sacrifices. The following is one example of how you can save money.
Value Meal Deal
$6 per meal x 4 Day per week = $24 per week = $96 per month. Rounds to $100
Meal Prep Deal
$3 per meal x4 days per week = $12 per week = $48 per month. Rounds to $50
**Meal Prep Savings=$50**
Make a Change
Going to school, you are seeking the ability to make more money than someone who opts not to attend school. Doesn’t it make sense to be financially prepared and responsible now, so the burden of debt isn’t heavier upon graduation?
Why is this Important?
Hays Academy of Hair Design educates all students on this principle and more four times before graduating in an effort to graduate the most hirable, financially responsible graduates in the nation. Our student’s ability to perform salon services isn’t the only reason we have gained the reputation we have. It is because we genuinely care about their lives and their future successes.