When I was just three years old, I knew exactly what I wanted to be when I grew up and even had a plan for it, including the right academic path. I did well on my college entrance exams, which opened the door for free education at in-state colleges. But their courses didn’t align with my career goals.
So, I opted for an affordable out-of-state private school that offered me scholarships. I still needed student loans, but I kept them as low as possible and worked hard to become a resident assistant, which covered my living expenses.
Then, my health took a turn for the worse. Handling my schoolwork while dealing with severe health issues became too much, and I had to leave college and move back home with my mom.
After dropping out, I had to start repaying my student loans. I found work, but without a degree, my pay was just above minimum wage. Living with my mom meant I didn’t have many other expenses, but all my income went towards my loan payments.
I know many people might be in the same boat, struggling to repay loans without a degree. It feels tough because it’s not what you planned. But don’t lose hope; it’s not the end of the road. Here are six ways to manage your student loans if you’ve had to drop out:
1. **Think Before Leaving**: If you’re still in school but considering leaving, look into part-time study programs. They might help you keep going without full-time pressure.
2. **Use Your Grace Period**: After leaving school, you usually have a six-month grace period before you need to start repaying loans. Use this time wisely to plan your finances and create a budget.
3. **Explore Loan Options**: Depending on why you left, there might be options for temporary loan relief. However, if you can make payments, don’t delay.
4. **Stay Connected to Your Career Goals**: If you plan to go back to college someday, try to find part-time jobs or tutoring opportunities related to your field to gain experience.
5. **Cut Living Expenses**: Even with a budget, there’s always room to reduce living costs. This can help you pay off loans faster or save up for returning to college.
6. **Consider Returning to College**: If you left college due to specific reasons, remember why you started in the first place. Look into continuing your education in a way that fits your current situation.
Dropping out and dealing with student loans is tough, but following these tips can help. It may seem bleak now, but it’s temporary. Whether you decide to return to school or not, make a solid plan to manage your loans and career. I lived frugally for two years with my family’s support after leaving college. Eventually, I went back, graduated, and focused on paying off my loans with my increased income.