How Much Should You Borrow?
Experts Agree—Only as Much as Necessary
It's tempting to borrow whatever you're offered or are eligible to borrow. But it's important to think carefully about how much you really need, and to consider other options.
How Much Loan Do You Really Need?
You don't have to borrow the entire amount shown in your award letter. Even more importantly, don't plan to borrow as much as you can up to the yearly limits.
Consider Options That Will Reduce Your Loan
If you reduce spending or bring in more money, the amount you have to borrow goes down.
- Do you have savings you can use?
- Can you get by with less by holding down expenses?
- Can you work more, either in the academic year or during vacations?
- Are there scholarships that you can apply for?
Estimate Your Loan Payments
The more you borrow, the higher your monthly repayments will be once you graduate. Use our Student Loan Repayment Calculator to do the math. You can also calculate monthly payments based on the estimated starting salary of your chosen occupation.
