College Loans: Look Before You Leap

April 30th, 2012, by

Knowing the details of financial aid can save you thousands in college costs.

To many students across the country, nothing is more exciting than an acceptance letter to the school of their choice. Thoughts of tailgate parties, lifelong friends and late nights in the library begin to fill the minds of these soon-to-be high school graduates.

But, enthusiasm alone won’t protect them from the skyrocketing costs of college. TIME magazine’s Kayla Webley has a must-read for anyone preparing to attend college. As a freshman in college years ago, I can tell you I wish I had something like this to keep me informed.

Students today must be made well aware of the costs, both in time and career earnings, of their student debt. As with any agreement, it’s always best to look at the fine print, and TIME‘s article definitely lays it all out for everyone to see.

Webley’s article points out the need-to-know basics of financial aid, as well as some of the little-known facts. For example, many colleges frontload in their financial aid packages for students. The term refers to colleges and universities giving students a higher amount of grants and scholarships early on in their academic career, which dwindle away as students continue their academics. This can make a college or university appear to be more generous for a student evaluating different financial aid packages.

Many students have worked diligently to prepare themselves for college by studying late hours, remaining academically competitive, networking and showing themselves to be well-rounded candidates to universities. With talks of job uncertainty, student debt and the unemployment numbers taking center stage in the national dialogue, Webley’s article is much needed, as millions of high school graduates take to the stage to receive their diplomas. Knowledge in any situation is half the battle to achieving one’s personal goals; so, take some time to get informed today. Not knowing can cost you seriously down the road.

Last modified: June 25, 2012 at 6:38 pm