Avoid costly mistakes when picking a college

(CREDIT.COM) – It was big news when outstanding student loan debt surpassed credit card debt and then later exceeded $1 trillion for the first time. That shocking statistic keeps climbing, with no sign of slowing down: Americans now have more than $1.4 trillion in unpaid education debt, according to the Federal Reserve.

Meanwhile, college-bound kids and their families try to avoid going into debt by heeding advice like “save more,” “apply for scholarships” or “go to a cheaper school.” Of course, none of those address the major issue of rising costs that have far outpaced wage growth.

It’s smart to avoid student loan debt if you can, because those loans affect your credit and your financial future. (You can see how much by checking your free credit scores on Credit.com.)

However, strategically choosing a school isn’t quite as straightforward as comparing tuition and fees.

One thing you can do is check out an institution’s net price calculator, which should be on its website, to see how much a student like you would pay after grants and scholarships.


Another thing you can do is look at how much student loan debt recent grads ended up with. (You can read more about options for repaying your student loans here.)



WFLA.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s