One way to get a crazy amount of college loan debt is to not understand your budget and expenses.  I never knew this information or cared to find out as my Mom was controlling it all.  Had I known this information or took time to learn it I likely would not have as much college loan debt as I do today.  Know how much money you are getting, know where it needs to go, know how to make money to pay for things you want.  College loan debt is for things you need.

2. Not wanting to miss out.

I never wanted miss an opportunity to go out with my friends – ever.  This had a disastrous impact on the state of my college loan debt.  There was one point where I frequented a local pub 14 days in a row because I could always find people who were going.  This would equal approximately $300 over that period of time that would add to my college loan debt.

3. Being too generous to people

I always wanted to be a good host and friend.  While this can be great for your social life it is a huge contributor to your college loan debt.  I would always share food and groceries with people which would turn a week or more’s worth of food into one night’s worth which added significantly to my college loan debt.

4. Smoking

It’s a nasty habit and one that I have given up…now.  At the time I smoked about half a pack a day which obviously added to my college loan debt.  I seriously don’t know how people can afford to smoke these days especially those adding to their college loan debt to support the habit.  It’s a tough one to break and the environment of college is not conducive to quitting so hopefully if you haven’t started yet, don’t because it will be impossible to quit throughout college and the college loan debt will go up.

5. Crappy Summer Job

Don’t settle for a crappy summer job.  You need to make the most amount of money possible in the shortest amount of time. Even if you start at a crappy summer job keep looking for a job that is in your field of study and volunteer until you can line up that job.  I stayed for three years a marina working 30 hours a week at $9 an hour.  I have an obscene amount of college loan debt to show for being too lazy to find something else.

6. Not thinking I could work while at school or else my college loan would be affected

For some reason I was under the impression that I couldn’t get a job or else my college loan debt amount would be affected more greatly than what I would make at the job.  This is false and I have a ton of college loan debt to show for that.  Look into your college loan and see what the conditions are.

7. Hanging out with people who wanted to spend money all the time.

If you have friends that spend money all the time, you will too.  The problem might be that your friends are spending their parents money while you are spending the money you will someday make by using your college loan debt.  Mix up your circle of friends so that you always have the option of hanging out with someone who isn’t doing something that will involve a lot of money.  This is one strategy to make more friends and reduce the amount of college loan debt you incur.

8. Not focusing enough on school

Basically if you are not focusing on school, you are focusing on activities that involve spending money.  This was certainly true for me and I have the college loan debt to show for it.  Also, by focusing on school you will gain the skills necessary to secure a decent job right out of university or open up more doors for continuing on with your education.  You will likely be more involved with the faculty of your program giving you better networking opportunities and developing connections with people who can help you find a well paying job out of college which will reduce your college loan debt more quickly.

9. Grocery shopping hungry

This is true all throughout your life but especially in college when your grocery bill is likely adding to your amount of college loan debt.  Not to mention that as a college student you probably don’t know how to cook so you will buy more prepared ready made food that will double the price of you grocery bill and your college loan debt.

10. Hey that’s not my bank machine.

ATM machine’s will charge you if they are not your regular financial institution.  I went to school in Canada where if you did not use your bank card at an institution’s bank machine you were charged $3.50 a transaction.  This meant whenever I would take out $20 it would cost me $23.50.  I did this a lot.  I have a lot of college loan debt.  See a pattern?

There is ten of the main reasons I am where I am today.  Up to my eyeballs in college loan debt.  Had I been able to manage this better my life would be easier now with less college loan debt.  I hope you heed this advice and save yourself the hassle down the road.  College is fun, but that college loan debt payment every month definitely is not.

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• When you are working you are making money to go towards all of the things that would otherwise add to your college loan debt.
• When you are working you are getting experience that will help you secure a better job after college therefore allowing you to pay down college loan debt more effectively.
• When you are working you are not spending money.

Here are some types of jobs that can help add to your bottom line and not he bottom line of the source of your college loan debt.

Jobs that tip:

Many service type positions will put you in a position to earn tips.  If you work in the restaurant field you will earn great tips and customer service experience which will line you up for a great job down the line to help pay down that college loan debt.  You should try to be a waiter/waitress as that will give you the most amount of tips.  Remember you can’t prove how many tips you earn.

Get a proper job during the summer:

Another mistake that I made during college was not having a meaningful summer job.  I worked at a marina for 30 hours a week which did nothing to help me and my college loan debt situation.  Try to find a job that is in line with what you are studying.  If you can’t find a job like this you should volunteer extra time in that type of a setting so that you can network and gain experience thus setting you up for a job the following summer.  Having a job in line with what you are studying will likely pay more than another more service based stereotypical summer student job.  This will help reduce the amount of college loan debt you need for the following school year.  This will also help towards setting you up with a proper well paying career after you graduate thus helping you pay down your college loan debt more efficiently.

Also, try to work in a job in line with your studies while you are at school.  This could mean working for the faculty, being a teacher’s assistant, or being a research assistant.  These jobs will help you network with your faculty, give you better experience, and you will learn things that will help you with your studies.  All of this spells less college loan debt in the long run.

Internet Marketing:

You are already spending a ton of time on your computer you may as well spend more or focus your efforts to be more productive.  You could set up a blog about something about the college you are attending and leave flyers around campus with the website.  Write valuable content for your target market and watch that traffic role in.  You can monetize your site by putting adsense, amazon, eBay, and other types of ads on it.  This could be some nice residual income while you are at school.  You could even make a site or blog about your studies therefore sharing what you learn and ensuring that you are learning.  There are a few people out there who make enough money blogging that they don’t have to have any college loan debt whatsoever.  It is work, so if you can find a way to combine your studies with your blog you will be making money while learning and succeeding at school.

Hopefully this advice will help you keep your college loan debt to a minimum while setting you up well for the future where you can pay your college loan debt off more efficiently.

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