Experts Agree—Only as Much as Necessary
It's tempting for you or your child to borrow whatever you're offered or are eligible to borrow. But it's important to think carefully about how much your child really needs, and to consider other options.
How Much Loan Aid Does Your Child Really Need?
Your family doesn't necessarily have to borrow the entire amount shown in your child's award letter. Even more importantly, don't plan to borrow as much as you can up to the yearly limits.
Consider Options That Will Reduce Your Family's Loans
If you reduce spending or bring in more money, the amount you or your child has to borrow goes down.
- Do you or your child have savings you can use?
- Can your child get by with less by holding down expenses?
- Can your child work more, either in the academic year or during vacations?
- Are there scholarships that your child can apply for?