COLLEGE
PREP GUIDE FALL 2018
EDUCATION PROGRAMS
INSIDE
Types of Education Programs and How They Differ
Scholarships
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Overcoming obstacles
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Community college
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Start a business
7
Dual enrollment
8
Responsible students
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Apprenticeships Certificates 2 Year Programs 4 Year Programs No matter what path you choose, we support students investing in themselves! Education is the foundation for your career and life. Luckily, students have different types to choose from in Montana and each option has its own set of benefits.
Be aware
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Apprenticeships
Apply to college less stressful
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Education savings
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Student debt
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General Manager Dave Worstell Advertising Director Ryan Brosseau Advertising Manager Arcadea Scott
There are 80 recognized apprenticeship occupations in Montana. Employers have in-demand jobs that need to be fi lled, so they offer on-the-job training for workers. Workers earn while they learn and experience zero to little debt. Apprenticeships can be a combination of classroom and workplace training and require at least 2,000 hours of experience, which equates to roughly a year of training. Career examples: electrician, auto mechanic, hospital coder, utility technician, construction and more! And, apprenticeships are available for occupations outside of the trades, too - like accounting technicians. To fi nd an apprenticeship program for you, please visit http://apprenticeship.mt.gov/.
Certificates
Special Sections Coordinators Teresa Cox, Mo Lucas, Mandy Schilling The College Prep Guide is a special advertising publication of The Billings Gazette. Access the College Prep Guide at www.billingsgazette.com/specialsections
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FALL 2018 ¬ COLLEGE PREP GUIDE
Certificates are designed to provide students with an occupational skill set as they enter the workforce. Some certificates are more for completion purposes while others are required to perform the job, but all certificates require around 30 credit hours. Certificates are narrow in scope, which allows you to focus on exactly what you need to know and bypass electives. Students can quickly elevate their resume as most programs are only a year long. Careers examples: dental assistant, emergency medical technician, paralegal, network admin-
istration, computer programming, o Stone Child College, Box Elder welding, construction, pharmacy o Gallatin College, Bozeman o Blackfeet Community College, Browning technician, and more! o Highlands College, Butte o Montana Tech, Butte Montana Schools o Little Big Horn College, Crow Agency o City College, Billings o UM Western, Dillon o MSU - Billings, Billings o Aaniiih Nakoda College, Fort Belknap o Stone Child College, Box Elder o Dawson Community College, Glendive o Gallatin College, Bozeman o Great Falls College, Great Falls o Blackfeet Community College, Browning o University of Providence, Great Falls o Little Big Horn College, Crow Agency o Bitterroot College, Hamilton o Highlands College, Butte o MSU Northern, Havre o Montana Tech, Butte o Carroll College, Helena o UM Western, Dillon o Helena College, Helena o Aaniiih Nakoda College, Fort Belknap o Flathead Valley Community College, Kalispell o Dawson Community College, Glendive o Miles City Community College, Miles City o Great Falls College, Great Falls o Missoula College, Missoula o Bitterroot College, Hamilton o Salish Kootenai College, Pablo o MSU Northern, Havre o Fort Peck Community College, Poplar o Helena College, Helena o Flathead Valley Community College, Kalispell Four Year Program o Miles City Community College, Miles City A bachelor degree comprises a o Missoula College, Missoula four-year program of undergraduo Salish Kootenai College, Pablo ate studies totaling 120 credit hours. o Fort Peck Community College, Poplar The national average for instate public university education Two Year Programs costs are $9,970 a year. Luckily, in Two-year programs can be an Montana, we’re below the national Associate of Arts degree, an Associ- average at $5,692 a year. ate of Science degree or an Associ Career examples: engineers, ate of Applied Science degree, all of journalists, farm, ranch and livewhich can range from 30 to 72 credit stock management, biologist, k-12 hours. teacher, chemist, forestry, social To save money, students may worker, and more! start at a community college to complete their general requirements Montana Schools or prerequisites and transition to a four-year school to earn their core o MSU-Billings, Billings o Rocky Mountain College, Billings credits. Two-year and community o Montana State University, Bozeman colleges often don’t have some of o Montana Tech, Butte the bells and whistles of a 4-year o UM-Western, Dillon campus, which helps keep education o University of Providence, Great Falls o MSU-Northern, Havre costs down. For certain Associate Degree o Carroll College, Helena programs, courses are career-fo- o University of Montana, Missoula cused and electives are minimal, o Salish Kootenai College, Pablo which helps students jump into the ProTip: Do you know what field workforce. Many colleges offer online of study you want to pursue, but courses to make education acces- not sure where to start? Check out the Montana University Systems sible. Career examples: paramedic, program inventory application. It substance abuse counseling, ac- details the programs each campus counting, network support, web- provides. Pretty neat! Cost comparison of college tumaster, law enforcement, and more! ition (2 year through graduate) http://www.mus.edu/data/tuMontana Colleges ition_and_fees/MUS-Tuition-ando City College, Billings Fees-RESIDENTS.pdf o MSU - Billings, Billings
COLLEGE PREP GUIDE ¬ FALL 2018
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SCHOLARSHIPS By Virginia Reeves There are two important things to keep in mind when it comes to scholarships: 1. YOU are scholarship material. Yes, you! You don’t need a 4.0 GPA to earn scholarship money. You just need a good story! 2. Treat applying for scholarships like a job. It takes work; a lot of work. But the good news is there are LOTS of scholarships out there!
Why we love scholarships: Scholarships are free money that can put a dent in your education costs. Education is an investment in yourself and your future and the returns you’ll see from that investment are priceless. But education comes with a price tag.
Where to Start
There are several components that go into a scholarship application. Before you start your search for free money, gather the following information: „„ Academic resume - put together a list of sports, extracurricular activities (clubs, student organizations), volunteer experience, leadership roles, honors/awards „„ Letters of recommendation (work & academic) „„ High school transcript „„ ACT and/or SAT test scores „„ Record of AP/dual enrollment classes and scores
Search When it comes to searching for scholarships, we start with Scholly. In fact, we like Scholly so much that users can access it for free from our website, ReachHigherMontana.org. There are several scholarship search engines out
there, but Scholly stands out to us for several reasons. First and foremost, it’s very comprehensive and includes hard-to-find statewide scholarships as well as national scholarships. Next, you can narrow your search to fields of study and interest to match you with the scholarships with the most potential. Finally, it has a scholarship essay editor. Upload your essay and it will critique it for you - how cool is that! Not all scholarships are posted online, which is why we put together a database of local scholarships. Across Montana, Reach Higher Montana has seven advisors who have gathered the best scholarships in their community. We pulled all of those lists together to create the RHM Scholarship Database. ReachHigherMontana. org/ScholarshipDatabase.
The Essay Scholarships represent different businesses, causes, or people, which means your essay will always vary. Luckily, we work closely with a Montana author who gave us the secret ingredients to writing
a winning essay. Virginia Reeves is an accomplished author who offers the following tips for writing a compelling essay. 1. Remember, you are telling a story. Winning essays happen because the reader is told a story they can feel, relate to, easily follow along to. Your experiences should be done in a story format because we as people are narratively driven. Elements for a good story: i. Theme - what is the central focus of your story? What are you trying to convey - Triumph? Ambition? Loss? Fear? Survival? Good vs evil? ii. Plot - This is the sequence of events that keeps the reader engaged in your story. They hang on wanting to know how the story resolves itself. 1. As a writer, before diving into writing your essay, outline the series of events that will occur in your story to ensure your story stays on track. iii. Characters - One of the characters in your story will likely be you. Your main characters should be someone readers can feel something in common with. They
also shouldn’t be perfect. The perfect character is unrelatable because no one is perfect. What is relatable are flaws or weaknesses; they humanize us. iv. Style & tone - Know who your audience is and use words to paint a picture. Give speech direct quotes like “Go away!� instead of something indirect like “She told him to go away.� Be simple and clear so that your writing is easy to understand. 2. The story that you’re sharing, have that be unique and specific to you. Unless specifically directed, scholarship essays are not based on fiction, they’re based on stories that shape you as a person. Readers want to know what you have gone through to be changed. 3. Finally, the story should be about how you overcame something. Whatever you conquered shows strength, tenacity, and spirit. There is no secret to earning scholarship money. The recipe is simple: build a strong work and academic resume, write like your education counts on it and make applying for scholarships a part of everyday life. That’s it!
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OVERCOMING OBSTACLES lege, you should realize the difficulties you may face once you’re ready to return. Not only will you be out of practice academically, you may also accumulate financial responsibilities which weren’t present after high school. These burdens may be drastic enough to demand you work full time while studying. Financial Despair Before taking a break in between When you’re facing the heavy semesters, consider the struggles workload from your college cours- you will face when you are back in the es, the last thing you have time for classroom and plan accordingly. is working a full-time job. If your situation requires an income dur- Poor Grades ing your time as a student, keep your While you may have received exeyes peeled for financial assistance programs. Schedule an appointment ceptional grades throughout your with the financial aid office to talk high school career, college courses with an adviser to see which ben- may be more difficult and demandefits you qualify for. If you must work ing. If you get a score on an exam or while going to school, a great tip from assignment you are unsatisfied with, the organization Mapping Your Fu- it’s important to not let it get you ture is to search for a job on campus as down. Use it as a learning experience they are more flexible with students’ to teach yourself how to prepare more schedules. efficiently in the future. Consider Don’t Procrastinate joining a study group or find a tutor If you are planning to take a small if you continue to struggle with the break between high school and col- class. You might think the most daunting task during college is the initial process of being accepted. But college can present new obstacles you may not be prepared for. Follow some of the below advice to avoid being overcome by these common feelings.
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COLLEGE PREP GUIDE ¬ FALL 2018
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COMMUNITY COLLEGE OR
UNIVERSITY?
One big decision a student must make before attending college is which type of school is right for them. Both community colleges and universities offer many positives and negatives, but which one will benefit someone depends on where they want to go with their career. For some, an associate degree from a community college is a stepping stone before transferring to a university to continue their education. Others take interest in a career which only requires a two-year degree, while some prefer to begin and end their college days at a university.
than other fields, usually someone who has graduated high school won’t have much trouble being accepted. Universities are much pickier about who they accept. For many, a potential student’s high school career is scrutinized, including grades, courses taken and a minimum score on ACT or SAT. The application process is much more involved, too. If you are having trouble getting accepted to a university right out of high school, don’t be discouraged. Community college can be your second chance to impress a higher-education institution once you complete your courses.
Admission Requirement Differences Major Difference in Cost A community college is typically much easier to get your foot in the door. While certain programs like nursing, law enforcement and engineering may have stricter admission requirements
Another huge difference you will notice is in tuition costs. According to a recent report by College Board, the annual cost to attend a community college is $3,440 for an in-district student. When
attending a public university, this number rises to $9,410 annually for in-state students and $23,890 for out-of-state students. For those who don’t qualify for financial aid or scholarships, community college is the route that makes most sense to their budgets. The two years give students the chance to save for the higher prices of a university.
Different Degrees Those attending community college can obtain an associate degree or shortterm certificates which train people for a specific career. A student can then decide to apply to a university to further their education or enter the workforce with their certification. Universities offer many more options as far as degrees — bachelor’s, master’s and doctoral programs are offered to make it possible for a student to gain their degree in the same setting.
Sheridan College
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Dawson Community College fosters a culture of excellence in education providing all students quality learning and opportunities for growth and partnership in local and global communities.
educational opportunities • Seamless transfer options to 4-year schools • Over 15 career and technical programs • 13:1 student-faculty ratio • Substantial tuition savings over other community colleges and 4-year schools
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Start a Business in College
minded people who are much easier to reach by promoting on social media, posting flyers in We have all seen the success high-trafficked areas and word stories from college dropouts of mouth. who went on to be CEOs of gigantic companies. However, Gain Real-World there are many business leaders who began promoting and de- Education A classroom is a great place veloping their company while they were still hitting the books. to set the roots for your journey There are many advantag- as an entrepreneur, however, es to testing the waters while you can only learn so much in you’re still studying. For one, that environment. Take what putting your ideas out to the you’ve learned and put it to use world are less risky during col- in the real world to get a feel as lege as the financial demands to how people are respondwill be less before you have a ing. While in college, you also mortgage or family. You’re also have access to professors who in a large group of community- are knowledgeable in business.
Starting a business while in college can be a tool to gaining real world education. Sergey Furtaev
Consider having a discussion to determine which methods you use aren’t working and how to improve them. Don’t be discouraged if your first idea doesn’t take off – college is about trying new things and reaching different people.
Don’t be Afraid of Failure Each step you take towards introducing an epic business is in the right direction for your overall experience. Don’t be discouraged if your ideas don’t flourish. Instead, highlight your resume with your innovations and drive you used while starting a business in college.
COLLEGE PREP GUIDE ¬ FALL 2018
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What is
Dual enrollment? Dual enrollment (DE) is pretty cool. You may have heard it referred to as “dual credit”, “pre-college” or “concurrent enrollment,” all of which sums it up: taking college courses while in high school, either at your high school for both high school and college credit; at a college, with other college students, for college credit only; or online, which may (or may not) provide both high school and college credit. High school juniors and seniors can earn college credit before graduation and apply that credit to both their high school and college transcripts. Like we said, it’s a pretty cool concept.
Why we Love Dual Enrollment. There are many reasons why we love DE. 1. Hello Adulting. First and foremost, it provides the student with an introduction to college coursework. College courses require preparation, commitment, and organization, and for some students, this is a whole new experience compared to their high school classes. It also helps them understand the standards of college professors and the expectations of college-level courses. Having that experience will give them a strong start in their first year of college. 2. Savings Your Bank Account will Appreciate. Tuition for dual enrollment classes is deeply discounted down, sometimes by half the cost of regular tuition, for high school students. Students can get a head start on their college transcript for half the cost - who doesn’t love saving money?! In some cases, if a student meets certain academic requirements, they may be able to enroll for free! 3. Time to Shine. Not only can starting college early help you graduate early, but it also gives you time to explore your educational and career options. Many electives can be taken as dual enrollment during high school, which can free up time p to explore all the options their college offers to make an informed career choice.
How Does it Work?
grams, affiliated DE colleges, and what courses your student should consider based on their career aspirations. However, choosing a partner school doesn’t have to be limited to your geographic location. Some schools offer online classes to provide remote access for students. Again, check with your high school to ensure credits earned will be applied to your student’s high school transcript. If there is a DE program that is not affiliated with your high school, no worries! While the credits may not be applied toward your high school transcript, students can still earn credits towards their future college transcript. Students have even earned their twoyear associate degree while still in high school - imagine that!
Is Dual Enrollment a Good Fit? DE is not for everyone, but everyone should check out their options for dual enrollment and decide if it makes sense. Montana institutions will work with students in their junior and senior year of high school to take college courses. Students will have to meet the same requirements for admission that on-campus students must meet such as pre-requisites, and more. From a nonacademic standpoint, optimal candidates must manage time and projects in order to complete the course successfully. Poor or failing grades can adversely impact a student’s transcript, so you want to ensure your student is being set up for success. Credits earned within the state may not transfer to out of state schools. Always check with your future institution to ensure your credits will transfer.
When to Enroll Double check with the school you have in mind, but most enrollment periods for DE is June through early September for fall semesters and November through December for Spring Semesters. Keep in mind that if you are planning to receive both high school credits and college credits, the timeline to register for high school courses is often in the spring.
The first step in learning more about Who Do I Contact? dual enrollment is to visit with your For current fees, please contact the high school counselor. They will have great information about current pro- institution of interest.
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FALL 2018 ¬ COLLEGE PREP GUIDE
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While in college, keep your eyes on the prize and celebrate achievements in moderation.
Be a Responsible Student After graduating high school, the thought of college courses and a shift in lifestyle can be intimidating. One thing to remember is that there are many other people on campus who are facing the same challenges. Especially if you are attending college miles away from your support team at home, it can be easy to become distracted and lose self-discipline. You should understand how these upcoming changes can negatively impact your goal of achieving the degree you dreamed of.
Dangers of Party Atmosphere College life sometimes gets a bad reputation as being a party. In fact, some reputable news outlets and school publications reveal a
top 10 list of America’s Best Party Schools each year. While you will benefit from networking with your peers, be sure to keep academics as your No. 1 priority. According to the National Institute on Alcohol Abuse and Alcoholism, these dangers associated with drinking in college affect those ages 18 to 24. More than 1,800 students died yearly from alcohol-related unintentional injuries, on average, between 1998-2005. About 696,000 students are assaulted by a peer who has been drinking, on average, between 19982001. About 97,000 students report experiencing alcoholrelated sexual assault during the same period. The key to staying safe in college is to drink re-
sponsibly and moderately. The Addiction Center says many students turn to binge drinking due to stress, anxiety, a desire to fit in and insecurity. If you feel like you have developed a drinking problem, call the Addiction and Alcohol Hotline at (844) 244-3171.
Associate with LikeMinded Peers One way to avoid temptations and focus on academics is by associating with peers with similar goals. Find other students to form study groups and develop ways to benefit the community and campus. If you keep your eyes on the prize and celebrate achievements in moderation, the transition from high school to college will be seamless.
Be aware of all the
costs of college Metro Services College is often met with excitement and interest by students pursuing their passions and what they hope will be fulfilling, lucrative careers. And the rising costs of college, coupled with the growing number of students taking on substantial debt to finance their educations, make it necessary that prospective students consider their earning potential when deciding on a major. According to the College Board, the average cost of college tuition and fees for the 2017-2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities. Canadian citizens studying in Canada can expect to pay $6,571 per year, according to Statistics Canada. The cost of tuition and room and board may catch parents’ eyes, but there are some lesser known expenses associated with college that can make attending school even more expensive. According to Cappex.com, a website offering ideas on how to pay for college, the extra costs of college can cost between $250 and $500 per month. The following are some lesser known expenses that college students and their families may need to budget for this school year. T r a n s p o r t a t i o n : Commuter students will need to drive to and from campus, which involves budgeting for gas, repairs and auto insurance. Students who live on campus may be subjected to a high fee for a resident student parking pass. Colleges in the United States earn an
The cost to attend college extends beyond tuition and room and board. Many additional expenses can stretch families’ budgets.
average of $4 million to $5 million in parking revenues each year, according to the most recent rate study from the National Parking Association. A typical fouryear college or university in the United States charges about $635 per space for the school year. Other students use public transportation or ride sharing services to get around. Those fees can quickly add up, too. Students attending school far away from home also need to budget for plane tickets home during the holidays and other breaks. Fraternities and sororities: Many students join Greek organizations to fully immerse themselves in the college experience and make new friends. Many of these groups charge fees to prospective pledges and then semester dues once students are accepted. Parties, trips, living expenses, and other expenses may come up as well.
Added fees: Many colleges and universities charge technology fees, sports center fees and activity fees. Exploring these fees in advance of the school year can help families create accurate budgets. Dining out: Families spend hundreds of dollars on campus meal plans per semester, but students also like to visit local eateries during the school year. Snacks, lunches and dinners purchased from such establishments can cost hundreds of dollars per year. Farmer’s Financial Solutions, a division of Farmer’s Insurance, says off-campus dining expenses cost an average of $770 a year. School supplies: A new laptop or tablet, textbooks and other supplies a professor requires can cost thousands of dollars. The College Board estimates students spend $1,300 on books and supplies in a typical school year. COLLEGE PREP GUIDE ¬ FALL 2018
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How to make applying to college less stressful Metro Services Applying to colleges is exciting for many high school students. But that excitement is sometimes tempered by anxiety. The college application process can affect students’ lives for years to come, so it’s understandable why some teenagers might feel stressed as they apply to college. The National Center for Educational Statistics says 69 percent of high school graduates in the United States enroll in college the fall after graduating from high school. Many students begin applying to college before entering their senior year of high school. Students can employ various strategies to make applying to college less stressful.
Create an inventory of experiences, awards When completing their college applications, students submit a variety of materials. In addition to students’ track records in the classroom, schools will be interested in kids’ extracurricular activities, hobbies, volunteer work, and even things they do during their free time. Parents and students can work together to develop a master list that includes information about what students have accomplished during high school. These may include involvement in certain clubs, participation in sports teams, advanced ranking in scouting programs, or even a list of books read. Having this document handy will make it that much simpler to fill out college applications.
Investigate the Common Application The Common Application began as a niche program for select private liberal arts colleges, but now has grown into an organization that services more than 750 schools. The organization enables students to create an account and complete one basic form that will be accepted by all institutions who are members. The CA helps students streamline the college application process and reduce
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Advance preparation can make the college application process a lot less stressful for students and their parents.
redundancy. An alert system also helps applicants manage application deadlines.
Avoid applying everywhere Some students think that applying to dozens of schools will improve their chances of being admitted. However, applicants may be wasting their time applying to schools they have no intention of attending, and that only adds to the stress of meeting deadlines. Narrow down the possibilities to a handful of favorite schools and go from there.
Use resources wisely Students who have access to guidance counselors, mentors, college centers, or even teachers who are willing to help with the application process should use these resources wisely. In addition, iPhone and Android apps can help streamline the college application process.
Consider scholarships concurrently Some schools automatically consider applicants for scholarships, grants and work-study programs. But that’s not so with every school, so students may have to apply on their own or rely on third parties for scholarships. Fastweb is a leading online resource to find scholarships to pay for school.
FALL 2018 ¬ COLLEGE PREP GUIDE
Greg Vote
Parents can help finance their children’s educations through various savings plans. A financial advisor may shed more light on which products are best for families.
Get schooled on education
SAVINGS PLANS Metro Services
Accounts to pay for college or even private high schools can be a smart way for parents to prepare for their children’s futures. Not every account is the same, and certain savings accounts could affect financial aid eligibility and taxes. It is in parents’ and students’ best interests to educate themselves on the various education savings plans available to them — and which ones make the most sense for their families. Families should do their research and work with professionals who understand the subtleties of school savings plans. For example, according to Cappex. com, a college information site, students’ income and savings have a larger, more negative impact on the availability of financial aid than the portion of their parents’ assets factored into the equation. Students with sizeable savings accounts in their name may end up adversely affecting their financial aid eligibility. A
financial advisor and loan expert can advise families on these confusing financial facts. 529 College Savings Plan: 529 accounts are a popular education savings plan. They operate in a similar fashion to IRA and 401(k) plans in that savings for education are earned tax-free through investment opportunities. SallieMae says 529 plans are offered by states or educational institutions under Section 529 of the Internal Revenue Code. These tax-advantaged plans generally have no income limitations and high contribution limits. The usage of funds in 529 accounts are subject to regulations. Coverdell Education Savings Account: Coverdell accounts are versatile in that they enable the money to be spent for elementary through college education, which is a larger range than other plans. This is another tax-free plan when used for school purposes. Coverdell contributions are capped at $2,000
per year, and they’re only available to families below a specified income level, says the resource SavingforCollege.com. Uniform Gifts to Minors Act Account: These accounts are not traditionally designed for education but can be established to offer gift assets to minors. The custodian of the account can sell the assets for the child’s benefit at any time, and once the child reaches 18 or 21, recipients can use the funds in whatever manner they choose. However, UGMA may affect financial aid eligibility. Roth IRA: Parents can open up a Roth IRA in their child’s name once the child begins earning income. Even though there are penalties to taking earnings out before the age of 59.5, exceptions include purchasing a first home or qualified education expenses. A Roth IRA isn’t subjected to legal and administrative fees that can come with trusts, which are another savings avenue.
Tips to pay off student debt early Metro Services Recent college graduates may be entering the job market with degrees in tow, but many also are leaving school with sizable amounts of student loan debt. According to a 2017 report from the Federal Reserve Bank of New York, student loan debt rose for the eighteenth consecutive year, while Debt.org reports that student debt in the United States totaled $1.4 trillion in 2017. Canadian students are not faring much better than their American counterparts, owing an average of $28,000 after four years according to the Canadian Federation of Students. Student loan debt is a heavy burden that has short- and longterm affects on borrowers. Sizable student loan debts may affect young professionals’ ability to support themselves, while the Federal Reserve Bank of New York reports that such debt has contributed to a decline in the housing
Paying off student loan debts early can be done, even for borrowers whose debts are tens of thousands of dollars.
market, as fewer college graduates can afford to buy homes while still in their 20s. The notion of paying off their student loans before they reach maturity may seem implausible
to some borrowers. But there are a handful of ways for adults with sizable student debts to do just that. Make more frequent payments. Many homeowners pay
their mortgages off early by making bi-weekly payments. Doing so means they will make 26 halfpayments, or 13 full payments, each year as opposed to the 12 full payments made by homeowners who pay on a monthly schedule. The same approach can be applied to student loans. That extra annual payment each year can gradually chip away at loan balances, helping borrowers pay loans off before they reach maturity. Prioritize paying off highinterest loans. Many students finance their educations by taking out multiple loans. If these loans come with different interest rates, borrowers should pay off the highinterest loans first to reduce the amount they’re spending on interest. Borrowers will still need to make minimum payments on other loans, but any extra money they intend to pay each month should go toward paying down the highinterest loan. Refinance loans. Many re-
cent college graduates do not have lengthy credit histories, and some might be carrying low credit scores. Once such borrowers have shown that they can consistently make payments in full and on time, they can approach their lenders to refinance their loans in the hopes of getting a lower interest rate reflective of their creditworthiness. Refinancing may only be available to borrowers with private loans, but this strategy can save student debt holders a lot of money over the life of their loans. Take advantage of offers from lenders. Some lenders may reduce interest rates for borrowers who agree to certain terms, such as signing up to receive e-statements or enrolling in automatic payment programs in which money is deducted directly from a borrowers’ bank account on the same day each month. The savings created by such offers may seem insignificant each month, but can add up over time.
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