Your Academic Journey
Tips to Stay on Track and in School
How Much Should I Borrow for the Rest of My Education?
That’s often not an easy question to answer. The important thing to remember is to take a middle-of-the-road approach ─ not too much and not too little. Be realistic about how much you’ll be earning after school, and keep in mind that your expenses will be increasing as you take on the responsibilities of adulthood. Making payments on a house and car, supporting or helping to support a family, and dealing with unexpected expenses can all limit your ability to repay your student loans.
- Borrow the least amount needed
The maximum loan amount awarded to students is not necessarily the best. The first step is always to see how little ─ not how much ─ you can borrow.
- Borrow enough
Don’t borrow enough to cover tuition and books but not enough for basic living expenses. You don’t want to create hardship in your life that will keep you from succeeding in school.
- Don’t compare your finances with other students
Each student comes to school with different needs, resources, and financial background. Stay focused on a borrowing plan that works for you.
- Renew your FAFSA every year
Even if you completed your FAFSA last year, renew it for this year. State, local, and private funding agencies use FAFSA to determine who gets their funds. An out-of-date application might hurt your chances for getting a loan.