Debt Management Tips - Why Reduce My Loan?
It is important to keep in mind that every dollar you borrow must be repaid with interest. Many times students simply accept their entire award without taking the time to understand what that will mean in terms of student loan repayment. This can result in students graduating with unmanageable debt.
It is important that you take the time to calculate your actual expenses, and determine how much financial aid you will need to cover these expenses. Your accepted amount may be reduced to cover your expenses.
You should always keep track of how much you have borrowed. To calculate your monthly repayment, you can use one of the following tools: FinAid Loan Calculator or Federal Student Aid's Loan Simulator.