Figuring out student loans

Figuring out student loans

RICHMOND, Va. (WWBT) - Does your teen really understand how much college costs these days? It may be time to have a conversation and show them how they can help in college decisions.

Take time to do research with them in different colleges online.

You can go to university or college websites to research and see how much each University costs.

Cherry Dale a financial coach with the Virginia Credit Union says, then have an open talk about who is paying for what.

“If I go to community college I might not have to take out any loans, but if I go to a 4-year university, yes, I’m going to have to take some student loans. But it’s going to be a different experience if I go to a 4-year university because I’m going to be able to live on campus and have that whole campus-wide experience,” Dale explains.

There's also a tool that will you estimate your federal student aid-- even if you aren't ready to apply.

Look at FAFSA4caster.

You plug in your income and how much you can contribute and it shows you how much student aid you qualify for at a college or university, and don’t forget to discuss scholarships and grants.

Scholly is a great app that can help you do that. Download it and take a look.

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