Opinions are Alexandra's own. This site is not affiliated with any of the companies or people mentioned or linked to. Information on this site is for educational purposes only and is not to be taken as specific advice. Speak with a financial professional to determine what is appropriate for your personal financial situation. ©2019 by Alexandra Wilson, CFP®

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The Penny Hoarder: Heading to College? 6 Questions to Ask Before Accepting Any Student Loans

By Tiffany Connors at The Penny Hoarder

"Asking for specific details about your loan can help you budget for college costs — and possibly get a jumpstart on payments while you’re still in school.

The costs associated with loans often aren’t detailed in the financial aid letter, either, so it’s a good idea to ask about them, according to Certified Financial Planner Alexandra Wilson.

“What are the origination fees for these loans?” Wilson suggested asking, noting that this is no time to settle for general or vague answers. “What does that mean in dollar amounts? Don’t just give me a percentage.”


Although the opposite problem may seem like a welcome one — your award letter offers more money than the listed cost of attendance — this isn’t the time to break into a rendition of “We’re in the Money” while buying dinner for all your friends.

It is the time to call the financial aid office and ask about the discrepancy, according to Wilson.

“I was offered $10,000, but tuition is only $4,000 — do I need to take out the other $6,000?” she suggested asking. “Are there things I’m not considering?”"

Read more at The Penny Hoarder >