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Archive for May, 2014

If you have applied for financial aid, you should receive your financial aid award letter (or notification) soon.  As we mentioned in the April blog, not all financial aid is created equal and you should pay particular attention to any student loans being offered.  In almost every case, federal student loans have the best combination of interest rates and repayment options/protections for the borrower so you should try to maximize those opportunities before taking out a private loan.

The following websites will help you become student loan savvy…

Be very careful about your annual amounts borrowed and project the total student loan debt expected to accumulate upon graduation.  If you are not comfortable with the projected total debt, you should consider options that will reduce those costs.  Is there a less expensive living arrangement available, can you purchase your books on-line, have you considered working part-time, etc.?  Have you considered attending another college that is more affordable to you (sometimes even a more expensive college can be more affordable if they can offer more aid) or attending community college for the first two years (usually half the price, or less, of a public four-year institution)?

Be intentional about your student loan debt and let it enable you to achieve your educational dreams while not becoming the anchor that restricts your options afterwards.

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