Only borrow what you need for college

Only borrow what you need for college
be careful how much you actually borrow on a loan. (Source: Pexels)

RICHMOND, Va. (WWBT) - If it’s time to think about paying for college-- there’s one rule of thumb you need to know. ONLY borrow what you need for college.

It’s nearly impossible these days to graduate college without borrowing some money. But only borrow what you need-- don’t borrow the full amount listed on your financial aid award letter. It’s tempting to borrow a little extra-- but remember you have to pay all of it back with interest.

Cherry Dale with the Virginia Credit Union says if you have a little money left over-- don’t take it. “Those student loans can really add up and if you’re just taking that and banking it and not really using it to help with your education in the long run, it’s going to cost you more at the end of the day,” said Dale.

Now grants are “give me money” or “free money.” And if you can get scholarships-- that helps too. But, be careful how much you actually “take out” in the form of a loan. Check out apps like Scholly or scholarship owl to help you find that extra money.

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