Take the time to meet with your college’s financial aid adviser to ask questions about financial aid requirements and student loan information. Don’t be embarrassed: it’s their job to explain this complex topic and to help you (not prevent you) from attending their college.
- What is the total annual cost to attend this college?
- Are there any extra costs that I need to plan for?
- What employment opportunities (including work-study) are available for students?
- What scholarships might I be eligible for?
- What reduced cost, sponsored student loans am I eligible for?
- What loans have the lowest interest rates and fees?
- When would I have to start paying back the loans, and how flexible is the repayment plan?
- Will the school reduce my financial aid or loans if I also get a private scholarship?
- What would cause me to lose my financial aid?
- Depending on what degree I earn, what kind of loan forgiveness programs are available? Would the loans I’m considering be eligible for loan forgiveness?
- Based on the amount I’m borrowing, what will I owe at the time I graduate? What will my monthly payments be?
- How much does the average student owe when at graduation?
Source: Christine MacDonald, The Detroit News.