Before Accepting Loans
When reviewing your financial aid offer, you need to get a full understanding of your cost of attendance and financial responsibilities. For more information about college costs and smart borrowing, check out Purdue's MyMoney blog loan section.
Know Before You Owe
We encourage you and your family to consider the debt from educational loans carefully before accepting any loan offers. Review alternative options available to reduce the amount you borrow. To help you consider the debt from loans:
Calculate the total debt and monthly payments for loans accrued over the span of your entire educational career, not just one academic year.
Compare your total debt to your projected future income. Is this a wise investment? Will the payments be manageable?
Consider your loan co-signers, parents who are borrowing a Parent PLUS Loan and others who may be borrowing on your behalf. Will their possible future debt payments be manageable?