| Many students are leaving high school to begin the | | | | amount it would cost for 1 year. |
| long endeavor of college. But before YOU go to | | | | You've now figured the cost for a year, but it's best |
| college, you may find yourself wondering how you're | | | | to get the college loan for the entire time you are to |
| going to pay for it. The answer is with a college loan. | | | | be at school. Most college loans are offered this way. |
| Most college students obtain student loans, but how | | | | Your credit score and your debt to income ratio |
| do you figure out how much you really need for your | | | | determine college loan amounts. Loans will not be |
| college expenses? There are many aspects to | | | | given for high amounts if the lender doesn't think |
| consider. | | | | you'll make enough to pay the monthly loan payment. |
| The first part of determining how much you need for | | | | Now that you know how much it's going to cost you |
| a student loan is to figure out how much the cost of | | | | to go to school and survive, you need to see if you |
| your schooling will be each year. First, figure out the | | | | will have any other type of income coming in. If you |
| cost of your tuition. Next, figure the cost of books, | | | | are working a part time job, you may not need the |
| lab supplies, and school supplies. Finally, figure out the | | | | loan for the total amount. Do remember, that each |
| cost of your room and board. Once you have each | | | | month you will have to make a payment for the loan. |
| expense tallied, add the cost of up for 1 year. | | | | Make sure that whatever your income is, that it is |
| The second thing you should determine is personal | | | | enough to make your monthly loan payment and any |
| needs. This includes: food, transportation, unexpected | | | | interest incurred. Pay attention to your debt to |
| expenses, car insurance, medical insurance, etc. Be | | | | income ratio. If you don't make enough money to |
| sure that you always figure in a little extra because | | | | pay the monthly payment, you will have to take out |
| unexpected things can arise, and prices always tend | | | | a smaller student loan. |
| to go up. Then add all of this together for the | | | | |