Research 4 College Stats before Making Student Loan Decisions

1. Education loan

2. Research 4 College Stats before Making Student Loan Decisions

3. Families with students heading into their junior or senior year of high school might feel a little shocked to look at the calendar and see that summer is almost over. • Despite feeling like your child just started first grade, the time has come for you to make some serious college – and possibly student debt – decisions. • When choosing a college, many students consider the school's ranking or reputation, while others choose the school that will be the most affordable.

4. What's the actual cost to attend? While most students and families are very aware of the advertised price to attend a particular school, it's just as important to estimate how much it will cost you specifically. • The net price section of the Department of Education's College Navigator gives families the average actual cost after financial aid. You can also visit the U.S. • News website to find a list of net price calculators for many of the top-ranked schools.

5. What will the total cost be? The cost of college has grown at a more rapid pace than the overall consumer price index for years now. • Financially savvy consumers look at future costs as well as up-front costs when making large purchases – and shopping for college should be no different, especially if you're taking out loans.

6. Now that you have all these data, use the multiyear tuition calculator to get a good idea of what the total price tag will be. • This will give you an idea of how much you will need to budget for during the course of your degree program, and the debt you may need to take on by the time you graduate. • Will I be successful at my choice of college? Even a low-cost and low-debt school can be harmful if you aren't able to complete your degree or certificate. Statistics show that the default rate for those student loan borrowers who don't graduate is three times higher than the default rate of those that do.

7. Will I be able to afford the student loan debt? The school's default rate is likely to be reflective of its graduation and retention rates. You should expect a school with high numbers in those areas to have low cohort default rates. • If they don't, it might be a clue that even though students tend to graduate from the school, their debt is too high compared with the income in their chosen field to allow them to successfully repay it.

8. One way to do a comparison is to check the average starting salary of your occupation of choice by searching the U.S. Bureau of Labor Statistics website. • Many experts recommend using the average starting salary in your chosen profession as a benchmark for an affordable amount of Education loan debt. • The bureau's information can also give you an idea whether an area of employment's job availability is expected to expand or reduce in the near future. • Source: (http://bit.ly/1EVInsL)

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