While clearly accumulating some debt to pay for higher education is a worthwhile investment, the challenge students and parents face is to find ways to minimize their loan payments and be smart financial consumers. Comparing MES' interest rates to those of other lenders is a big start toward becoming a good financial aid consumer. While approximately three out of four Maine student loan borrowers take advantage of the SuperLoan discounts, many Maine families are still not aware that not all student loans are the same and do not seek ways to save money on their educational loans. Professional counselors travel statewide providing admissions and financial aid workshops. Through these various delivery methods MES's goal is to help inform the public of ways in which they can make higher education more affordable.
Many students take longer than four years to complete school.
Avoid having to pay an extra year's tuition by graduating on time. Take extra credits or courses each semester, attend summer school, and graduate in less than four years - saving you money on yearly tuition increases or inflationary increases. Watch credit card spending - Minimize the use of credit cards and never pay for semester tuition bills on credit cards, which yield a much higher interest rate. Explore paid internship opportunities - College interns can earn money and college credits and gain valuable work experience at the same time. Visit your college's career center to explore opportunities in your major or field and consider working at a paid internship for a semester.