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Here's a news flash for you - borrow money only if you have to.
Module Transcript
Every dollar you borrow now will be owed later with interest. Like any kind of debt, student loans must approached carefully, since how much you borrow now will have a definite impact on your life after college. Think about it - just borrowing $2,500 per semester as an undergrad will result in a bill for nearly $230 per month for 10 years!
Put another way, you'll be paying $230 per month until you're 32 years old. And that loan payment may impact your ability to borrow for other reasons. For example, if you decide to buy a home, you may qualify for a lower mortgage interest rate if your outstanding debts are lower.
We're not suggesting that student loans are bad, just that debt - any debt - should be minimized when possible. As we show you in the financial literacy modules, controlling your everyday spending while in school is a great way to minimize college debt.
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