Tips for Borrowing Responsibly

 • Evaluate your financial aid notification carefully before applying for a student loan. Explore other sources of aid, such as grants, scholarships, and work-study programs that do not require repayment.

 • Before you borrow, determine the total cost of attendance, including expenses like transportation and supplies. Estimate the total cost for all four years of college and develop a plan to finance the cost.

 • If you determine that borrowing is necessary, borrow only what you need. Being eligible to borrow doesn't mean you have to take the maximum the lender will allow. Remember, you’re expected to repay your loans, plus interest.

 • Be an informed borrower. Understand the terms and conditions in your loan agreement. A student loan agreement is a legal document indicating that you will repay the loan with all accrued and capitalized interest and deducted fees.

 • While you are in school, develop a budget and stick with it. This will keep you from accumulating a large debt and allow you to manage your monthly student loan payments after graduation.