Compare financial aid offer - You'll have a lot of decisions to make once you get your financial aid award letter. Assess your financial aid packages by comparing offers and reading the fine print.
Borrow only what you need - To figure out how much money you may need to borrow, look at a college cost, your cost of living, your family's contribution, and your financial aid award.
Consider working part-time - You won't need to borrow as much if you have a part-time job to cover some of your expenses. You may even qualify for a work-study program at your college.
Ask questions and follow instructions - Make sure you know the rules and requirements for applying for federal loans. Funds can be limited, so make sure to apply by the deadline.
Shop around for private loans - If you decide to take a private (or alternative) loan, compare interest rates, fees, and repayment options carefully. Your college may recommend certain lenders, but you don't have to use them.
Be clear on what you're signing - To make sure you understand a loan's terms, conditions, and repayment requirements, ask your financial aid officer questions.
Note private-loan credit requirements - Private loans require credit checks. If you do not have a credit history, you will need a cosigner with a good credit history and credit score.
Consider making interest payments while in college - You can start making payments on any need-based loans while you're in college. You don't have to pay a lot, and this will allow you to reduce the total amount you'll have to repay.
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