Tips for taking out student loans

Posted on September 24th, 2015

The average college graduate now leaves school with $30,000 in student debt, and the national student debt total of $1.3 trillion is rising every day.

Many prospective college students don’t realize the huge impact student debt can have on their lives–and how much compound interest can add up over time, resulting in a much larger loan than when they started.

Learn more about student loans

When helping families and students figure out how to pay for college, we advise them to make college as affordable as possible and minimize their student debt.

We also help make sure they understand all of their options when it comes to taking out student loans, from federal to private.

Forbes put together a helpful list of their 8 tips for taking out student loans, which can also provide guidance for college-bound families and students as they determine the best way to pay for college.

Borrow only what you need for college

They advise students to look for scholarships early in the process and maximize their federal loans before turning to private loans.

They also say to avoid taking on more student debt than you anticipate your first-year salary to be and consider community college as a way to supplement your degree instead of staying longer and paying high tuition at a 4-year school.

Check out their full list of what you should know about student loans and contact us if you want to learn how we can help you maximize your financial aid, apply for student loans and pay for college.

Category: Student Loans & Repayment

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