By Harrine Freeman

A recent study by the National Center for Education Statistics shows that 50% of recent college graduates have student loans, with an average student loan debt of $10,000.  The average cost of college increases at twice the rate of inflation. With the rising costs of college it is difficult for aspiring college students to get enough scholarships and grants to pay for college and basic necessities.  More and more college students are forced to use credit cards to pay for basic essentials such as books and school supplies.  According to the United Marketing Service (UCMS) the average number of credit cards per student is 2.8.  According to College Board.com the average student that borrows money to finance a bachelor’s degree graduates with less than $20,000 in total debt.  Average tuition costs range from $20,000 to $30,000 per year making it increasingly difficult to get ahead in the real world after graduation.  Here are 6 ways to help with paying off student loan debt:

1. Develop a plan. Develop a plan to pay off your student loan debt before you graduate.
2. Save your money. Each summer throughout your college education, get a job or internship. Save half the money in a high interest savings account such as www.emigrantdirect.com (5.05%) or www.ing.com (4.5%). After a few months, consult a financial advisor to earn the highest possible return on your money. After college, you can use the money saved during all 4 years to pay down your college debt.
3. Use caution with consolidation. Consolidating student loans combines your loans into one payment but may or may not provide you with a lower interest rate. Do extensive research before consolidating your student loans. In addition, you may not be eligible for various student loan forgiveness programs if you consolidate your student loans.
4. Exchange work to reduce debt. Perform volunteer work or work for the following in exchange for reducing student loan debt: teaching in certain locations with low-income students or areas with shortage of teachers, providing legal and medical services in low-income areas or working for Americorps or the Peace Corps.
5. Get a work-study job. To help pay for the costs of college get a work-study job on campus to help defray the cost of college. Go to your campus employee office to ask about their work-study program. Work study Jobs pay at least the minimum wage for that state.

Protect your credit. Try to avoid making late payments on your student loans, if you do this will be reported on your credit report and can remain for up to seven years. If you are having financial hardship call the student loan company and inform them of your situation, ask for a hardship or loan deferment to ensure your credit is not damaged until you are able to start making payments again.