Research 4 College Stats before Making Student Loan Decisions

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Education loan
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Research 4 College Stats before Making Student
Loan Decisions
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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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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