As a college student, you may have had to deal with looming financial stresses over how much money you owe in student loans that you will have to start paying back once you graduate, but you might also be struggling with other financial struggles. College students who work during school to skate by on bills may be experiencing greater financial stress when they are not living with their parents because they are paying for everything themselves. Even if you are living at home rent-free, you might still be expected to pay for certain things like medical or car bills. For whichever situation you are in, feel free to ask a Tennessee Bankruptcy Lawyer for help if you fear bankruptcy.
WHAT CAUSES COLLEGE STUDENT FINANCIAL STRESS?
College students are dealing with a lot of financial stress that seems to stem from limited financial resources during college, additional expenses with textbooks or lab fees, and the upcoming student loans they know they will eventually have to start paying back for years. Some of the college financial stresses caused include things like student loan debt, installment debt, auto loans, and credit card debt. These have all been moderately associated with student financial anxiety.
Financial anxiety is to be expected for college students who find themselves dealing with various living expenses for the first time. Some college students are expected to pay for the supplies they need themselves while other students live at home or have their parents cover most of their expenses. College supply costs can add up fast, especially with science textbooks and lab fees. Knowing they need these supplies to graduate may conflict with how little money some college students have.
This anxiety also comes from the anticipation of paying student loans after graduation. Not every college graduate is hired right away, leaving them vulnerable to not being able to afford monthly student loan payments.
HOW CAN I OVERCOME FINANCIAL STRESS AS A COLLEGE STUDENT?
Despite all the college financial challenges out there, there are several ways you can reduce that stress as a student or college graduate. Consider seeking guidance from a counselor, social worker, or financial advisor before letting the stress consume you. Always ask about better loan deals, look for debt reduction through refinancing or consolidation, and check your eligibility for public loan service forgiveness.
Work on creating a realistic financial budget for yourself to figure out exactly how much spending money you have each month. Use this to cut unneeded expenses until you are in a better financial spot. Never cut yourself short of a better financial deal. Buy textbooks on eBay instead of the bookstore, shop at Dollar Tree instead, or make a compromise with your parents about paying half instead of paying all.
CONTACT A BANKRUPTCY LAW FIRM TODAY IN TENNESSEE & NORTH GEORGIA
If you are struggling financially and are considering your options, you need guidance from someone who understands bankruptcy law. At Tom Bible Law, we can listen to your situation and advise you on your best plan of action. Don’t hesitate to contact our legal teams in both Tennessee and North Georgia. We have lawyers who can help you sort out your financial options related to bankruptcy.