In–School Debt Management Tips:

Managing costs while in school can be difficult. Because you receive financial aid at the beginning of the semester, it is hard to make your money last.  Here are some tips to help stretch your financial aid budget:

1. Keep good financial records.
a. Keep all of your loan related documents ( promissory notes, disclosure notices, award letters, repayment schedules, tax returns, correspondence, etc)
2. Come up with a filing system of your documents.
3. Create a monthly budget of all of your expenses. (Budget)
4. Prepay bills if you can.
a. Students can check with their landlord to see if they can prepay their rent for the semester. They can also pay certain premiums such as car or health insurance for a six month period)
5. Maintain a good credit history by paying bills on time.
a. Students may need to borrow funds through Graduate PLUS or Alternative Loans. Approval of these loans is based on the student’s credit history.
6. Find ways to decrease your expenses and increase your budget.
a. Find a roommate, bringing your lunch to school or cook at home. 
b. Students may also work part time while in school through the Federal Work Study program to help reduce the amount of loan debt incurred.

7. Research all sources of educational funding such as scholarships, Federal Work Study, Tuition Assistance, etc. before applying for secured, credit based loans.

8.  If you have to take out a credit based loan such as the Federal Graduate Plus or Alternative Loans, here are some pros and cons to each.

• When applying for financial aid, remember to borrow only what you need. Starting salaries in certain fields may be limited in the first few years of practice. Your starting salary may not be enough to sustain your monthly loan payments. Borrow wisely!

9. Keep a calendar of important deadlines and meet them.
• Applying on time keeps you in consideration of campus based funds.
• Reduce late fees on utilities, rent and tuition by applying and receiving financial aid on time.