After graduation, if you have to pay your own bills (rent, utilities, food and transportation), how much will you have left to cover loan repayment? And after paying your loans, will you have any money left for fun and enjoying life? Don't forget — if you use credit cards in college, you'll have to pay those back too.
When borrowing for school, there are four questions you'll need to consider:
- How much will I have to borrow?
- What will be the monthly payment?
- Can I afford it?
- Do I need to reduce or eliminate certain costs?
Remember, 10% of your monthly income is considered an affordable debt repayment amount.
To find out how much you can afford to borrow, come see a Financial Fitness advisor and we'll take you to the next step.
Once you understand how to borrow wisely, the first place to consider borrowing is through Federal Financial Aid.