Manage Student Borrowing
Student loan debt has surpassed credit card debt in the U.S., which means more families are aware of the need to keep college costs and borrowing to a minimum.
Our Financial Aid Office is dedicated to helping students achieve their education goals. They are responsible for administering federal, state, and institutional aid, such as grants, student loans, and work-study. At CU Denver, we know that college expenses can really add up, which is why we work hard to help our students pay for college. Borrowing money can be a necessity but managing loans is the tricky part.
Here are a few things you can do while you’re attending school to help lessen the burden of loans.
1. Work closely with an advisor.
The process of applying for and repaying student loans is more confusing than most students are prepared for. Work with an advisor, they will help explain which loans are right for you, which scholarships and aid your qualify for and how to best repay it all back.
2. Keep track of your tuition and spending.
Your freshmen year is the time to get organized. Use Excel spreadsheets, Google Docs or whatever to help you keep track of school costs and spending. Make a list of lenders you are borrowing from, how much the interest rate is on the loan, the lender’s website, log-in information, the total balance and whatever else you think you might need. The reason to get organized so soon in your college career is because it will give you a clear mind of what to expect when you graduate. Staying on track of how much you owe will also help you make decisions later during your college career.
3. Do not borrow for anything other than tuition and school supplies.
A nice apartment in the city, extra cash for a few nights out, or maybe even new skis – these are things that you should not borrow money for. We understand that once that refund check hits your bank account it looks like the sky’s the limit, but remember that you have to pay all of that back.
Are you looking for more information about student loan repayment options? CU Denver has several resources listed here to assist you.