Be a Wise Borrower

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After you've looked at past and present income, you can look at future income in the form of borrowing student loans

Use borrowing as a last resort

Good credit is required to be approved

Only borrow what you need

Consider the students post-graduation plans to determine how much will be feasible for them to pay back

Understand and compare the options that are available to you

View MEFA's Comparing College Loans Options webinar at https://www.mefa.org/webinar/comparing-college-loan-options/

MEFA offers student loans. Learn more at https://www.mefa.org/paying-for-college/undergraduate-graduate-mefa-loans/

Compare the interest rate you're going to receive, not just the lowest advertised rate

Look at the repayment timeline and the total cost of the loan, as well as who is responsible for the loan - is it a parent only loan or is it a family loan?

Multiple credit inquiries within a 45-day window only show up as one credit inquiry

MEFA’s Undergraduate Loan Payment Calculator allows you to look at the total cost of the loan as well as the monthly payment amounts for different loan options

Use the calculator at https://www.mefa.org/article/student-loan-payment-calculator/
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