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2810 Fieldstream Drive North

Wilson, NC 27896

 

Phone: 252-237-4357

Fax: 252-243-2681

 

September/October 2017

Borrowing: The Golden Rule

Borrowing The Golden Rule

If your college-bound child learns only one thing before heading off to campus, it should be this: Don’t borrow more than you really need. Make sure your student keeps these important lessons in mind.


Don’t forget about interest. Your child will be repaying more than the amount borrowed — possibly for several years. The loan’s interest rate and the repayment period will determine the amount. The less borrowed, the less your child will have to repay.


Pay expenses with savings. Instead of relying on loans, save as much as possible from summer or part-time jobs during the school year to pay for books and miscellaneous expenses.


Cut back. Eliminating expenses that aren’t necessities may reduce the amount your child has to borrow. Come up with a budget that covers the basics without seeming draconian.


FR2017-0504-0006/E


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