So, finally the time has come, you made it through the process of setting up your financial aid, which included the arduous task of completing that FAFSA; you are now enrolled and taking classes. But, have you considered how much you are borrowing? Do you know when it is all said and done and you have your degree, how much you will have had to borrow in student loans? Do you know how much you expect to earn in your chosen profession once you have that degree? If you do not know, it is important to find out.
Students will often have to hold down part-time or full-time positions as they are attending school and this will gradually wear away precious time that could be spent studying. Students may then be tempted to borrow more than they need so they can work less as they are attending school. This is understandable, however the problem with this scenario is if you have not considered how much you expect to make once you earn your degree you could end up owing quite a bit more than your chosen profession is actually worth.
So, what is the answer? The TG’s Adventures In Education (AIE) website offers a Net Earnings Calculator that will help to determine how much you should borrow based on how many hours you work per week, the cost of tuition and books and the expected annual salary leading from your degree. To utilize the caluclator click on the box that says: “How Much Should You Borrow To Finance A Degree.”
It is never too soon to begin thinking about life after you graduate and you have your degree. Do not get caught off guard having to owe much more than you intended on student loans. Plan ahead and make your degree work for you instead of you working for your degree! Make it count!
source: TG-Adventures in Education (AIE)
By Michelle Robbins
Default Prevention and Compliance Specialist at American Public University
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