Debt Management

Need help managing debt? Read through the introduction and experience to learn about the basic principles of debt management, then answer the questions under the experience heading to deepen your understanding. Click on the buttons above to create your own financial plan. These will help you create an effective plan to manage debt. If you want to learn more, attend one of our upcoming workshops listed in the calendar to the right.


When students can't afford to pay for their expenses, they may consider borrowing money. This is called debt. Some of the most common forms of debt are loans, including student and auto loans, and credit card debt. Debt typically comes with a cost, known as interest. Interest is a percentage of the amount you owe, and in most cases you will end up paying more than what you originally borrowed.

There are many ways to avoid going into debt for school. One of the simplest is to use the Single or Married Student Financial Plan (blue buttons) to manage your resources wisely. Looking for ways to increase your resources or cut back on expenses can help prevent the need to borrow money. But not all debt is bad. When used properly and sparingly, it can help further worthy goals that otherwise could not have been achieved. However, borrowing money should only be considered after you have exhausted all other options. The more money you borrow, the longer it will take to pay back. So borrow only what you need and plan to pay it back as soon as possible.


Click here to read about a student who sacrificed a "typical" college life style to graduate without debt

  • What did Laura do to avoid borrowing money for school?
  • How did Laura demonstrate stewardship, sacrifice, and self-reliance?
  • What impressions do you have after learning about debt management? What do you want to start or stop doing as a result?