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Connecticut is third worst in nation for amount of student loan debt.

The soaring cost of student loans, which seriously hinder graduates in later life, are exceptionally bad in Connecticut. Recent reports, place the state third worst in the nation for student loan debts.

What does this mean for students studying in CT? More importantly, what can you do to reduce the size of your debt? You want and need a college degree. It’s an important asset that opens up many opportunities. On the other hand, you don’t want an enormous student loan hanging round your neck like a shackle. So here are a few tips on how to save a bit of money for when you need it. Remember, you don’t need a degree in accountancy to be able to save pennies here and there – common sense is most important.

1. Consider all the costs. When estimating the total cost of your degree, remember to include accommodation, food, transportation and other expenses in your budget. This should put things into perspective, so you know what you need to earn in order to pay it all Don’t underestimate the cost of your degree!
2. Don’t throw your cash in the trash. Limit your expenditure as much as possible. You know that candy bar after the lecture. A penny saved is a penny earned. Night-outs can be expensive. A little frugality never did anybody any harm. Stay in for a change!
   Many colleges offer students saving plans and financial advice, follow them.
3. Maximize your own income. Many people like you are in part-time employment. As a set number of students will graduate each year, there is a high turnover in (relatively) low-paid jobs such as waiters, retail associates and store assistants. Jobs are available. Offering freelance services is another option. Every little helps!
4. Get paid to study. Sounds good, doesn’t it? Consider merit scholarships. They can be a great way to reduce the dependence on loans. What can you do to earn them?

• Put your all into your work. Show them you’ve got potential.
• Get involved in the community.
• It’s not what you know, it’s who you know. Don’t be a rebel! A little extra courteousy towards the college officials doesn’t hurt.

Applying for scholarships and grants is easier than you think and can pay dividends that will help you for life; there are about 5,000 groups and organizations nationwide that provide such aid. Use our Scholarship Calculator to get an idea about what’s available for you.