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When applying for student loans, it's so important for prospective college students to calculate their finances as best they can to receive the appropriate funding. From tuition and books to room and board, living expenses and food, students should make sure to secure the funds they actually will need to get them through each semester at college.

Hotel Booking By applying for the correct amount, students won't find themselves in a bind or get themselves into a credit card nightmare.

Travel Agency Way too many college students these days get into big trouble with credit cards. It's unfortunate that students too inexperienced to know better receive enticing credit card offers in the mail. Usually when a credit card offer looms over a student, it's like dangling a carrot in front of a rabbit. The student grabs the credit card offer without thinking ahead. Credit cards oftentimes appear to be a quick fix or a type of "free money," and they then become the remedy students think they need.

"Three out of five students with credit cards in our survey had already maxed them out during their freshmen year and, three out of five freshmen with multiple credit cards were already using bank cards to pay for other revolving credit accounts. Furthermore, fourths of students use their student loans to pay for their credit cards. Not incidentally, recent studies indicate that this indiscriminate marketing to college students has led to high incidences of fraud and identity theft among this young adult population, " Manning testified.²⁹⁷

Cheap Hotel Student Loans versus Credit Cards

Get car insurance, travel insurance, health insurance, home loan, auto loan, payday loan, home equity loan and student loan. Tips on credit card application, apply for a credit card and debt consolidation.

Flight Booking If anything, it's the opposite. Like student loans, credit card debt must be paid back. There's a huge difference though. Student loans usually are taken out with fixed interest rates, depending on the type of loan and a students' credit rating, amount of loan, repayment terms, etc.

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Travel Agent However, there's usually a catch when students receive those "amazing" credit card offers. The catch is sky-high finance charges, some as high as 22 percent! However, oftentimes students don't think about the finance charges when they accept the credit card offers. It's kind of like, "I'll think about that later."

Having lower bills in the years following college means less reliance on high interest credit cards and other loans. The average college student carries a whopping 6 credit cards with a total balance over $2100. This means that the $100 credit card purchase for new work attire could cost more than $200 over the 12 months it takes to pay the full balance. Fortunately, smart financial planning, including consolidating education loans, can help students and young professionals live a life free of high interest debts.

Hotel Chicago Some students who haven't taken out enough student loans to cover their college expenses resort to credit cards to pay for necessities, books and even rent! They'll use their credit cards to take out cash advances, which usually have even higher finance charges than by simply charging.

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Travel Health Insurance There are students who accept more than one credit card offer. After hitting the limit on one credit card, it's easy to accept another and then another, and so on. With the high interest rates and finance charges attached to these credit card offers, students easily can rake up more than they bargain for. When students pay off credit cards by only paying minimum monthly payments, they are making their financial situation worse. Finance charges accrue month after month. It could take almost a lifetime to pay off the credit card bills.

Hotel Reservation This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about student loans at http://www.NextStudent.com.

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