College Costs | Being Scam Savvy | Debt Management | Personal Finance

Debt Management

Be a responsible borrower!  Manage your debt-- don't let it manage you!

Remember, your student loan is your responsibility.  You will be required to repay it.  When you sign your promissory note, you are making a promise to repay your loan, as well as capitalized interest and deducted fees.  Read the note before you sign it, too.  Your lender will expect that you are familiar with the terms.

Keep a record of everything you sign.  Know your lender.  Track your student loan debt, and only borrow what you need.  These are all common sense things to do, but in the excitement of college, many students fail to do them-- and pay the consequences when they graduate.

Be realistic about what you can afford to repay when you graduate.  Although college will put you on the right track to earn money, most students don't make six figures right out of college!  Don't take on more than you can handle when you graduate.  If you're curious, our office has sample repayment charts available for you to see what you're monthly payment will be when you graduate.

Budget carefully while you're in college.  This is a great way to make a plan for the student loan debt you will incur.  Plus, careful budgeting also helps you to keep from spending too much on unnecessary expenses.