Taking out student loans to pay for college is normal—most families today have to borrow money to cover the cost of college. But you need to be careful—you shouldn’t take out more student debt than you can reasonably repay. Unfortunately, a lot of students are taking on more debt than they should. Two out of 3 recent college graduates have student loan payments averaging 60% of their weekly income1, and they still have to pay for things like rent, groceries, insurance, etc.
Planning ahead can help you avoid borrowing too much—so don’t panic. We have all the information you need to find affordable colleges, plus understand the financial aid system and all of your student loan options. College costs expert Frank Palmasani is ready to help you get started.
Check out this preview of Frank Palmasani’s video on loan options for college. Get access to the full video with Financial Fit®.
Take on the least amount of student loan debt you need to pay for college.
Student loans can be a great way to help you pay for college, but a student loan is NOT free money—you have to pay it all back plus interest. If you take out too much student loan debt, it will affect your entire financial future.
Just because student loans are available is not a good reason to take one. Do your research and make sure the colleges you’re interested in will be affordable for you, without having to take on more debt than you can manage to pay for your education.
Ready to get started? Check out more information on Student Loan Options to understand all of your options. Or if you want to find colleges that you can afford without taking on mountains of debt, check out the Financial Fit® program.
1. “The Causes and Consequences of Increasing Student Debt.” Joint Economic Committee, United States Congress. June 2013.