Effective debt management starts with understanding the terms of any loans taken out. Students should familiarize themselves with interest rates, repayment schedules, and potential deferment or forgiveness options. Creating a budget that prioritizes essential expenses and limits discretionary spending can help in managing finances. Additionally, students should consider part-time work or internships related to their field to gain experience and income simultaneously. After graduation, loan forgiveness programs, such as those offered through public service or specific healthcare facilities, can be an excellent way to reduce debt.
