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Your education is probably the biggest investment you will ever make. It is an investment of both time and money. As such, you need to evaluate the benefits and costs of that investment. You must consider the time and money you will invest in your education versus the personal and professional goals you have set for yourself. Then make the best investment you can. Your goal should be to acquire the best possible education in a cost effective manner.

How you pay for your education is an important decision. Unless you currently have enough money in the bank to pay for school, you will need to finance your educational investment. In other words, you will be dependent on outside sources to help you pay for your education. Just as you investigated which schools have the best program for your educational goals, you must also gather information about how best to finance your education. This important decision should involve you, your family, and the school you want to attend.

Although your parents may be willing to handle your finances while you are in school, it is to your advantage to know the rights and responsibilities concerning the loans. If you do not, you may find that financing your education can become overly complicated and confusing. Remember, you will be the one signing the promissory notes for any loans you receive to finance your education. Understanding the terms and conditions of those loans will help you avoid problems during repayment. No matter how much your parents may want to assist you, you-not your parents-will be legally responsible for the loans.

You should ask the following 10 questions as you plan the financing of your education. Some of the questions are general and apply to any school you might attend; others are more specific to the programs and procedures of each school you are considering. Remember, financing your education will involve a collaboration among you, your family, the school you attend, and your lender(s)