Education is a great investment. Student loans can help you achieve your academic goals. It’s a federal requirement that we award you your maximum loan eligibility, but it’s not a requirement that you take the full amount. While it’s tempting to take the full amount, here are some facts to keep in mind:
FACT: Financial aid funds run out. There is a limited amount of resources that students can receive. By borrowing over the cost of tuition and fees, students risk running out of funds before they graduate.
“A penny saved is a penny earned”
(Benjamin Franklin)
FACT: Students are only given six years to earn their Bachelor’s degree if attending school full-time. Taking the minimum number of credits to be full-time (24 credits) each academic year means it will take at least five years to graduate.
“Wealth can only be accumulated by the earnings of industry and the savings of frugality”
(John Tyler)
FACT: 113 students ran out of, or came close to running out of, financial aid funds in the 2014-2015 academic year so far.
“He who will not economize will have to agonize”
(Confucius)
FACT: The average student loan debt for students graduating Albertus Magnus College is $28,397 resulting in a standard repayment of $288 per month in 2013-2014.
Click here to see if an entry-level position in your major can sustain your monthly payments.
FACT: Albertus Magnus College cuts over 1,500 excess funds checks back to students each year. 95% of them are the result of the excess borrowing of student loan funds.
(John Poole)
It’s never too late to change your borrowing habits. Stop by the Financial Aid Office to review your current debt and plan financing the rest of your college career. Remember, we’re always here to help!