Borrow Only What You Need
Just because your award letter gives you a certain loan amount, that doesn't mean you have to go out and get a loan for that much. Instead, consider:
- An in-school budget.
- What are your actual expenses and income? Use a calculator to find out.
- Can you cut back on expenses? How about sharing expenses with roommates?
- Is there a way to increase your income?
- Your actual expenses.
- Can your work earnings pay for some of the expenses calculated in the cost of attendance?
- Will your parents give you money to pay for part of your expenses?
- Are supplies, books and materials available more cheaply online or at secondhand shops?
- Life after college.
- Estimate the total amount you'll borrow before you graduate and what the monthly payments will be once you start repayment.
- Will you be able to afford the monthly loan payments?
- Starting salaries in your career field.
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