ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Coping with Student Loans: Taking Community College Courses to Stop Interest and Payments

Updated on September 9, 2013

The Problem of Student Loan Debt

For a undergraduate student at a private university with no financial aid, it's fairly easy to rack up $120,000 plus in debt--just in tuition. While private school is cheaper, students still find themselves with large amounts of student loan debt after graduation--and should those students decide to pursue a graduate degree, the debt burden becomes even more crushing.

It's easy to say, "Oh, well the student should go where he/she gets a scholarship" or "Well, the student will get a job after graduation and easily pay that amount back"--but an eighteen-year-old can't be expected to fully grasp the enormity of over $100,000 in debt, and it's a hard lesson to learn when you're twenty-two-years-old and have to move back in with your parents to make ends meet. And with the current economy, there's no guaranty that the student will ever get a high-paying enough job to make full debt payments and also be able to eventually afford a house and a family.

There are solutions, however, and this article addresses one in depth!

Source

Solutions to Student Debt

Once your loans enter repayment, you may be staggered by the monthly payment amount--and you may not be able to meet it. Of course, loan servicers offer forbearance options--but the interest keeps accruing. You can also choose Income-Based Repayment, where the payment amount is based on your salary--but again, the interest keeps accruing, and you'll end up paying way more in the long run.

The best case scenario is to live cheaply and pay the loans off as quickly as you can, and there's something you can do to speed along the process that not many graduates look into: attending community college.

Do you struggle with your student debt payments?

See results

Enrolling in Community College as a Student Debt Solution

Wait, you may be saying, I already have a degree--possibly a graduate degree--so why would I want to attend MORE school? The answer is simple: when you are enrolled at least part-time in an accredited community college, your loans go into deferment--that means payments suspend and the government starts to pick up your subsidized interest payments again.

If you have a full-time job and time for at least two classes (which you can take online at most community colleges), then you can continue making your payments with less interest.

Strategy for Student Loan Payments While You're In Community College

If you're thinking about enrolling in community college to stop your student loan payments and subsidized interest, first call and confirm with your loan servicer/provider the number of hours that will count as part time. Once you've done that, start researching community colleges and pricing. You'll want to go to a community college within your county to get the cheaper in-county tuition, and also don't forget to factor in how much books/materials will cost.

Before you register, do some math--confirm that you will not be paying more in tuition/books than you are in subsidized interest. If you're going to come out ahead, then go ahead and sign up! Try to pick classes that will further some interest or relate to your job in some way--community colleges offer not only the basics of English, math, etc., but also skills classes in Excel, Access, programming, and more.

Once your loans go into deferment, continue to pay--don't take it as permission to go on a spending spree! Focus your payments on the loans with unsubsidized interest--if you can pay those down over the course of several semesters, you will be in a much better position on your road to being debt-free.

Student Loans: Don't Major in Debt

Student Loan Repayment Options

If you're struggling to repay your student loans, it may seem overwhelming even with all the options available. Community college is one option to to freeze your payments and subsidized loan interest, allowing you to pay down your unsubsidized loans more quickly. As an added bonus and benefit, you may even enjoy the college classes and learn new skills!

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)