What You Need to Know Before You Borrow for College

Remember to borrow only what you really need! For every dollar you borrow, you will have to pay back more than that dollar with interest.

1. You filled out your FAFSA - CHECK!
2. Received notification of Merit Aid, if applicable – CHECK!
3. Received your financial aid award letter from the financial aid office – again CHECK!

• Still applying for scholarships? (Don’t forget to search at rischolarships.org)
• Considering borrowing?

Unfortunately, many schools cannot meet 100% of the financial need to get families to a zero-balance due for tuition.  You have options to “Bridge the Financial Gap” and learning about those options is the key to both limiting borrowing and borrowing wisely.

RISLA offers a free Borrowing Guide to help you learn more about your options.  This quick reference guide can be very helpful to familiarize you with loan lingo, tips on what to look for, what to avoid and much more.

• Types of loans: Federal, State based & Private
• Loan comparisons
• Determining borrowing need
• Smart Borrowing Tips
• FAQs

If you need additional help assessing your options for college, book a free appointment with the College Planning Center to talk with one of our counselors.