{"id":455,"date":"2014-06-16T09:00:43","date_gmt":"2014-06-16T14:00:43","guid":{"rendered":"https:\/\/blogs.wp.missouristate.edu\/finaid\/?p=455"},"modified":"2017-03-03T09:35:41","modified_gmt":"2017-03-03T15:35:41","slug":"debt-management","status":"publish","type":"post","link":"https:\/\/blogs.wp.missouristate.edu\/finaid\/2014\/06\/16\/debt-management\/","title":{"rendered":"Debt Management"},"content":{"rendered":"<h2>Debt Management and Minimization<\/h2>\n<p>Many students seek a postsecondary education hoping to improve their career opportunities and financial future. Managing your money while in school is an important part of obtaining the lifestyle you want. However, poor money management, both while in school and after, can mean a large salary going towards debt and not much else.<\/p>\n<p>Follow these steps to make getting your degree, minimizing your debt and <a href=\"http:\/\/www.dhe.mo.gov\/ppc\/studentloans\/repaymentoptions.php\"><span style=\"color: #0066cc\">repaying your student loans<\/span><\/a> as easy as possible.<\/p>\n<h3>For those just beginning a postsecondary program:<\/h3>\n<ol>\n<li>Identify your expected after-graduation salary by visiting sites like <a class=\"external\" href=\"http:\/\/www.salary.com\/\"><span style=\"color: #0066cc\">www.salary.com<\/span><\/a>, as well as job finding services, like <a class=\"external\" href=\"http:\/\/www.monster.com\/\"><span style=\"color: #0066cc\">www.monster.com<\/span><\/a> or <a href=\"http:\/\/jobs.mo.gov\/\"><span style=\"color: #0066cc\">jobs.mo.gov<\/span><\/a>, to determine the demand and compensation for your profession.<\/li>\n<li>Determine how much the degree you want will <a class=\"external\" href=\"http:\/\/www.salliemae.com\/content\/landing\/planner\/eip.html?dtd_cell=BAEISM\"><span style=\"color: #0066cc\">cost<\/span><\/a> and if you can afford it.<\/li>\n<\/ol>\n<ul class=\"decimal\" type=\"disc\">\n<ul>\n<li>Research and compare the total costs for <a href=\"http:\/\/nces.ed.gov\/collegenavigator\/?s=MO&amp;l=93&amp;ct=1+2\"><span style=\"color: #0066cc\">each postsecondary institution<\/span><\/a> you are interested in, including course fees, add-on fees (student health fees, recreation fees, etc.), room and board, etc. The national <a href=\"http:\/\/nces.ed.gov\/collegenavigator\/\"><span style=\"color: #0066cc\">College Navigator<\/span><\/a> website provides comprehensive cost and program information as well as links to each schools&#8217; <a class=\"external\" href=\"http:\/\/www.ticas.org\/NPC_resources.vp.html\"><span style=\"color: #0066cc\">net price calculator<\/span><\/a>. The U.S. Department of Education also publishes <a href=\"http:\/\/collegecost.ed.gov\/scorecard\/\"><span style=\"color: #0066cc\">College Scorecards<\/span><\/a> on postsecondary institutions to help you make an informed decision about which program, degree, or college in which to invest your time and money.<\/li>\n<li>Use online calculators, such as the calculator on <a class=\"external\" href=\"http:\/\/mappingyourfuture.org\/paying\/standardcalculator.htm\"><span style=\"color: #0066cc\">Mapping Your Future<\/span><\/a> to determine how much student loan debt you can afford (based on your expected future salary) or what salary you will need to pay your student loan debt. A general rule of thumb is to keep student loan payments to 8% of your income.<\/li>\n<\/ul>\n<\/ul>\n<ol>\n<li value=\"3\">Develop and follow a <a href=\"http:\/\/www.dhe.mo.gov\/ppc\/studentloans\/budgetplan.php\"><span style=\"color: #0066cc\">budget<\/span><\/a> while getting your degree so you can avoid <a href=\"http:\/\/www.dhe.mo.gov\/ppc\/studentloans\/creditinfo.php\"><span style=\"color: #0066cc\">credit card<\/span><\/a> and other types of debt.<\/li>\n<li>Try to find sources of free funding, such as <a href=\"http:\/\/www2.ed.gov\/programs\/fpg\/index.html\"><span style=\"color: #0066cc\">Pell Grants<\/span><\/a> and <a href=\"http:\/\/www.dhe.mo.gov\/ppc\/grants\/scholarshipsearchtips.php\"><span style=\"color: #0066cc\">scholarships<\/span><\/a>, before borrowing <a href=\"http:\/\/www.dhe.mo.gov\/ppc\/studentloans\/loantypes.php\"><span style=\"color: #0066cc\">student loans<\/span><\/a>. It is also a good idea to pay for a portion of your college expenses as you go through part-time employment.<\/li>\n<\/ol>\n<p><strong>Those with a degree or about to graduate<\/strong> should be aware of <a href=\"http:\/\/www.dhe.mo.gov\/ppc\/studentloans\/repaymentoptions.php\"><span style=\"color: #0066cc\">student loan repayment options<\/span><\/a>. Once you have borrowed a student loan, use the <a href=\"http:\/\/www.nslds.ed.gov\/\"><span style=\"color: #0066cc\">National Student Loan Data System (NSLDS)<\/span><\/a> to access your student loan account and keep track of your total debt. You may also get the information by calling (800) 4-FED-AID.<\/p>\n<h3>8 percent rule<\/h3>\n<p>Most financial advisors recommend student loan payments not exceed 8% of your monthly gross income. Multiply your estimated gross income (before taxes and other withholdings) by .08. Your student loan payments should not exceed this amount.<\/p>\n<p>http:\/\/www.dhe.mo.gov\/ppc\/studentloans\/debtmanagement.php<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debt Management and Minimization Many students seek a postsecondary education hoping to improve their career opportunities and financial future. Managing your money while in school is an important part of obtaining the lifestyle you want. However, poor money management, both while in school and after, can mean a large salary going towards debt and not [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2,7,8,11],"tags":[14,17,27,34],"class_list":["post-455","post","type-post","status-publish","format-standard","category-budgeting","category-loans-2","category-money","category-student-info","tag-createbudget","tag-debt","tag-money","tag-student-info","entry"],"_links":{"self":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/comments?post=455"}],"version-history":[{"count":1,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/455\/revisions"}],"predecessor-version":[{"id":641,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/455\/revisions\/641"}],"wp:attachment":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/media?parent=455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/categories?post=455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/tags?post=455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}