Accumulating debt on one hand can be a good thing as successful debt management can help bring up your credit score.  On the other hand, however, debt can be very stressful.  To help avoid stress when you are taking out loans follow these tips:

  1. Before you borrow, determine how much you think you can pay monthly.  Calculate all other future monthly spending to make sure you will be able to pay back the loan as well as any other bills you accumulate.
  2. Make a plan directly after applying for the loan to budget your income.  Putting money away while you are in school will make paying loans easier when you are out of school.
  3. Keep track of your loans.  Keep good record of who and how much to pay.  You should also keep records of the dates that you pay in order to keep track of how much of your loan you have paid off.
  4. Pay your loans on time.  This will give you good credit.  Bad credit can prevent you from getting loans for a house or even getting a credit card.