Going to college? What you need to know about student loans

"More than likely, private loans are going to cost a student more over the life of the loan," Kelly said.What if I receive more money than I need?that you will need to cover your education before you accept a student loan. You might get offered a bigger loan than you need. If this happens to you, Mueller recommends that you return the money you don't need, since it's a loan at the end of the day and you will have to pay back that amount with interest.

If reading the details on your own feels daunting, Mayotte recommends speaking with a financial aid counselor, either at your university or elsewhere. If you have specific questions about your student loans, there are many resources available. You can visit the Mueller also recommends that, if you are working during college, you consider paying some of the interest that accumulates each year.

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