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How Much Should I Borrow?

The financial aid award you’re offered is only a guideline.

The cost of attendance provided by your school isn’t what you NEED to spend. If possible, we recommend that you borrow less than the maximum amount. Trust us, it will benefit you once you’re out of school.

Why borrow less?

If you borrow student loans to pay for law school, medical school, dental school, business school or graduate school, you are paying for it with your future income. It’s kind of crazy when you think about it. This is the only time in your life you’ll be able to borrow money on the PROMISE that one day you’ll have a job and be able to pay it all back.

The challenge is whether or not you’ll have enough income to repay your loans and pay your other expenses like food, clothes, housing and the occasional night out.

So, borrow as little as possible.

This is important. This doesn’t mean changing your school of choice. The point is that you borrow the minimum amount possible to attend the school you want to attend.

Borrowing less = less to pay back

You graduate, find the job of your dreams, then what happens? A few months down the road you have to start paying back your student loans. Remember, you’ll be repaying those loans with your future income, and you’ll have plenty of other uses for that income.

If you live like an attorney … a doctor … a dentist or a business professional while you’re in school, you’ll likely be living like a student once you graduate! The key to reducing what you have to repay is minimizing what you spend while in school.