You have wished that you could turn back the clock and traveled to Australia, where university students don't have to pay for their (university) loan right after their receiving their undergraduate degree. You would be seething with rage at this kind of injustice, as the bureaucrats are well off at the expense of college students. On the other hand, this kind of system should provide you (and the other students) with amenities that students from developing countries could only dream of.
Are you getting tired of admiring your luxurious dorm? Don't. Are you wishing for an exploration of South America's coastlines by motorcycle? You can't stop thinking about it after you struggle to be enthusiastic about the college's athletic center, complete with climbing wall and lazy river. And you wonder why you didn't develop an interest in football at a young age. You rather play tennis while you envy fellow (varsity) students with their well-compensated football coaches. If you happen to be a soon-to-be sophomore, then you can make the necessary changes. (If you happen to be a soon-to-be senior, then it might be better late than never.) You might have to soldier your situation.
It's possible to pay your college loan, even if it can amount to more than $28,400 (a year). You should make sensible decisions if you want to settle it before your 25th birthday. (If you like to splurge a bit, if not take a holiday or two, then set it at your 30th year. Let's assume that you earn it after years of hard work.) It would be easier said than done, so let's make it simpler.
Don't Feel Sorry While You Swallow Your Pride
Move back to your home (sweet home). Paying for the dorm can put a weight on your shoulders, even if your parents would cover for you. If your college and home happen to be in the same location, then you should move back home. You might be getting annoyed of your mother asking you to do errands, but it's a small price to pay. You must skip television, if not your nightly habit of watching music videos or TV series/movies on your tablet. You need to get up early, so you can leave the house soon. Commuting might take longer than you think. You might consider long walks, which can be a good way of keeping fit.
Spend a little on books, beer, and pizza. It comes down to the small things. You might have to visit the library more often. You can befriend older students, hoping that they lend you their copies of their books. Water should be more than good enough. (No one will stop you from opening a can of beer if you're too stressed.) A box of pizza will be recommended during a group study, where you can share the bill.
Make the most out of anything that your college is offering to you. You should have noticed that the atrium-like buildings would make your college more attractive than the others. Don't listen to your dorm mate's shade about college administrators outnumbering the (good) professors. You may not get used to it, yet there's no other place that you can go to. Find some positives while you look at other students. A friendly smile might lead to a good company. It should brighten up your mood.
Save a little. There's no guarantee that what you have accumulated during your few years in college could settle your debt, but a partial payment should ease the burden (a little). Keep in mind that money won't buy what might be cherished memories with students who may end up as your lifelong friends. You may find your other half. Don't be afraid to spend something on occasions. Think about your (growing) network.
Less gadgets mean more focus on the coursework. It would be commendable to resort to the old-fashioned way of studying, using pen and paper. However, the demands of the coursework would call for convenient ways of keeping up with your profession during lecture hours. A cell phone might make it more complicated, so a laptop should cover everything. You can ask for your folks (as a present) if you can't afford it at this point.
How to Manage Your Money
Having a little fun should help you unwind when you need it. Don't make it an escape of sort, though. If you sense that you won't pass the course, then ask your coursemates to assist you. Don't be shy to approach your tutor. And never be afraid to share your problems with your folks. Partying might make you forget about it for a while, but you still have deadlines to beat. And you need more time for your preparation for your examinations. Frequent partying can have grave consequences, and it would be callous of you not to think of your old man paying more for your tuition.
You're a teenager like everyone else in your college. You're also a responsible adult. Having a (college) loan may not be the best option, but it's the only way to get a degree. You can also manage your money by tallying up the amount of cash that will available to you, putting it in a high-interest savings account, and then figuring out the estimate amount (of money) that you will spend every month. Your parents can give sound advice on this one.
If you play your cards right, then you can have lots of (career) options. And your company could save you sooner than you expect.