Student Loans 1-5: Understand the Financial Commitment

by DeLadurantey Law Office, LLC on May 27, 2014

student loansTaking out a student loan is a big financial commitment, yet many students sign the promissory note without fully understanding it. Below are a few tips to help ensure you make the best choice when obtaining a student loan:

Confirm you need the loan. There are other options for paying for college, so you should investigate those before taking out a large loan. This includes scholarships, working while in school and other cost-saving options. The time you invest in searching the internet and looking for scholarships can save you thousands of dollars.

Education-related tax credits. You may be able to deduct qualified education expenses paid during the year for yourself, your spouse or your dependent. This can save you a significant amount of money.

Take only what you need. When you see how much the federal government is offering you in loans, don’t assume you need to accept the full amount. Limit your student loan amount to the amount you need to cover tuition, books and other necessary expenses.

Calculate your monthly payments. Before you sign on the dotted line, figure out what your monthly payment on your student loan will be. This will help you put the financial obligation into perspective.

Keep track of your debt. It is important to maintain your student loan paperwork and keep track of your payments. If there is ever an issue regarding your loan, it is important that you be able to prove your payment history and the total amount you owe.

If you need help with your student loan debt, call the attorneys at DeLadurantey Law Office, LLC to schedule an initial consultation. Also, be sure to read our blog on Thursday for 5 more helpful tips in managing your student loans.

If you are considering filing for bankruptcy protection or you need assistance with your student loans, call DeLadurantey Law Office, LLC, at (414) 377-0518. We believe that each client should receive the individual attention necessary to reach their financial goals. Recognizing the needs of working clients, we maintain a flexible schedule and offer evening appointments. Initial consultations are always free, and phone inquiries are always welcomed. Find us on the Internet and on Facebook.

 

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