If you're taking out student loans for the new semester, borrow smart by avoiding these major slip-ups.
The school year is quickly approaching, and if you or your student is heading off to college in the fall, you're probably spending much of this summer looking at your finances. How will you pay for tuition? What about housing, supplies, and books? Both federal and private student loans can help. But for new students, they can also feel pretty complicated.
Families with low incomes can still borrow huge sums and then not be able to repay the loan when the student graduates.'That's another future problem to think about: overborrowing. If you borrow more than you really need, it could spell financial problems — or even a loan default — down the line.'Borrowing more than necessary, especially for non-essential or lifestyle expenses, can lead to significant financial strain after graduation,' Bauman says.
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