I would add one thing, this may be common sense, but you would probably be surprised how many people do this. If you have a school loan for a specified amount of money per semester, and your school bills are lower than the specified amount, the loan company will send the poor college student a check. I received several of these checks while in school. They varied from $300-$700. As exciting as it is to get a check in the mail, immediately give that money back to the loan company to put against the balance. When you are out of college and trying to set up a new life, you will be glad because your payment will be lower!