10 Questions to Consider Before Taking Out Student Loans

A career in communication sciences and disorders can be incredibly rewarding and personally fulfilling. However, it requires a significant financial investment. Student loans often are a factor in financing your tuition or school-related expenses. Loans are a legal obligation; you will be responsible for repaying the loan with interest.

Having a plan before you take out loans can help keep them affordable and ease the strain when it comes to paying them back. You should also always consider grants, scholarships, and work-study programs, if they are available.

Before you borrow, Fastweb, an online resource with information about paying and preparing for college, recommends that you ask:

1. What types of loans are right for me, federal or private?
2. What is the interest rate?
3. How do the rates rise (and how often)?
4. How will a rate rise and fall affect me?
5. When do the payments begin?
6. What happens if I miss a payment?
7. How will it impact my debt if I pay more than my minimum payment?
8. At what point does interest start to accrue?
9. How much does taking out this loan mean I will owe, taking interest rates into account?
10. How long will it take me to pay this loan back as a result of these factors?

These questions will help you compare different loan types and determine the best strategy for you.

More Resources

Finding Financial Aid
ASHA has information about financial aid and funding opportunities.

Federal Student Aid: An Office of the U.S. Department of Education
The U.S. Department of Education has resources about student loans, loan forgiveness, and loan repayment.

Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau's website contains information on student loans and repaying your student debt, as well as a way to submit a student loan complaint.

Federal Reserve Bank Loan Calculator
This loan calculator can help you figure out the return on investment for your student loans.