If you took out student loans to finance your college education, dropping out could have severe financial consequences.

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A woman lays in the grass as she ponders her thoughts.

But youre going to be different, right?

After all, thats why youre ditching the college classroom for the real world.

Before you torch your textbooks, lets come up with a plan.

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If Youre Failing Classes

If youre failing one class, you might need a tutor.

If youre failing every class, it may be tempting to drop out altogether.

Did you know?

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Why bother transferring instead of dropping out?

That could be a short-term solution with long-term financial consequences.

Taking a hard look at where the money is going could show you how you could stay in school.

Dont be afraid to reach out to the financial aid office, either.

By maintaining half-time status, you’re able to continue deferring your student loans.

The truth is that developing a solid foundation is considered part of the college experience.

Trade schools can offer specific training for occupations like welding or massage therapy.

You could complete a certificate program in less time than it would take to earn a bachelors degree.

That earn-as-you-learn model can help you pay off student loans while concentrating on your field of interest.

If You Have a Job Opportunity

Congratulations!

Particularly given the current circumstances, more colleges are offering online classes.

Even if its online.

You have a little more time due to the pandemic if you have federally held student loans.

Benefits include a suspension of payments and 0% interest.

Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder.

Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.

(Can you sense my millennial sarcasm there?)

You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…