Financing
Your Education
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)
The Top 10
Questions
- What should
I be doing now to prepare for the cost of my education?
- What financial
aid programs are available to me at the school I am considering
attending?
- What can I
do once I arrive on campus to minimize the cost of school?
- What is the
financial aid process and how do I apply for financial assistance?
- What financing
options do I have if I cannot pay the full cost of school from my
own resources and those of my family?
- What is done
with the information I provide?
- What is the
purpose of financial aid and what do I need to know about the process?
- What should
I know about the aid (e.g., grants, loans, work-study) I am offered?
- What is the
basic philosophy of the financial aid system?
- What impact
will the loan(s) I borrow have on me after I complete my education?
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