![]() Consult an appropriate professional concerning your specific situation and irs.gov for current tax rules. Statements or opinions of individuals referenced herein are their own-not Regions'. Although Regions believes this information to be accurate, it cannot ensure that it will remain up to date. This information is general in nature and is not intended to be legal, tax, or financial advice. Learn more about how to manage student loan debt after college. If you plan ahead, make informed decisions, and manage your finances carefully, you can make a successful investment in your future. Paying for college is just like any other significant investment. Likewise, keep in mind that making payments while in school can save you money over the life of the loan.īefore applying for a private student loan, it’s important to evaluate all anticipated monthly loan payments and set realistic expectations for how much you can expect to earn in the future. If you're planning on using student loans to fund day-to-day living expenses, look for ways to save money while in college. If possible, explore other options such as work-study programs to reduce the amount you have to borrow. You’re not obligated to take the entire amount offered and can request a lower amount. Remember: Just because you can receive excess loan money doesn’t mean you should. In some cases, the federal student loan amount offered through your college’s financial aid office will exceed the amount of money you need to cover your expenses. It’s important to understand your expected costs for college and only borrow what you need to fund your education - not a lifestyle.Ĭarefully review your financial aid award letter. Typically, student loans can help pay for tuition and other eligible school expenses, though you should look into other items that your loans might cover. Having a rough estimate of how much you may need can help you when you are looking at financing options. If your uncovered costs are high, a student loan could help fill the gap. If your family plans to contribute funds, factor that in as well. Step 3: Subtract any money you plan to put toward your education from a summer job or personal savings. Step 2: Subtract any scholarships, grant money, or federal student aid you’ve received. Include tuition, housing, food, books, school supplies, bills, furnishings for your dorm room, transportation, equipment like a computer, and any other expenses. Step 1: Estimate the amount you’ll pay to attend one year of college. To determine how much you might need in student loans, use this simple formula: The FAFSA gathers information about you and your family’s income and assets in order to calculate your eligibility for federal student aid. How Much Will I Need to Borrow?īefore pursuing private student loans, your first step should be to fill out the Free Application for Federal Student Aid (FAFSA). As you explore whether student loans are an appropriate source of financing for you, ask yourself these questions. If you opt to use student loans to finance your college education, it’s important to borrow carefully. SDBOR offers a tuition payment plan, which breaks down your tuition and fees balance into flexible, interest-free monthly payments over time.As you explore your options for paying for higher education, ask yourself a couple of key questions.įrom scholarships and grants to federal and private student loans, there are multiple options when it comes to paying for college costs.
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