Undoubtedly, many people go into the college application process with blinders on.  Meaning, it isn’t just about asking yourself whether you can get into the college or colleges of your choice.  The main question should be – can I truly afford it?  Accordingly, the best thing you can do before you choose a certain school is to know exactly what you are getting into, and how your financial future will look in light of your decision.  With this in mind, consider the following tips to help avoid the financial pitfalls that have left many students with life-altering debt for years to come:

    1)    Know all your costs upfront – college is not just about tuition.  It also includes costs associated with campus life, books, supplies, room and board, transportation, entertainment and a whole lot more.  These things can get extremely expensive, and lead people to keep borrowing more and more just to afford them.  This is not a trap worth getting yourself into; knowing all your costs upfront is the best way to determine whether you can truly afford a college or not.

    2)    Borrow up to what your first year expected salary will likely be and no more – if you plan on borrowing this amount or less, you are definitely on target to being able to afford paying off your loans in 10 years – not 15 to 30 years like many people struggle with.  To better understand what your money making potential is in light of your target major, access the Choose It Right Smart College Report, which can help you better understand the critical financial pieces when choosing a college and career.

    3)    Loans can impede your life’s goals – if you have a ton of student loan debt that you struggle to afford, this can definitely affect your ability to get married, have children, purchase a home, save for your children’s college and save for retirement.  That is why, again, we recommend that you borrow only the first year salary you expect to earn after you graduate.

    4)    Save $ - it is never too late to save money, even if it just helps to supplement your expenses such as food and entertainment.  There are many students who borrow more money simply to afford that spring break to Cancun, or they get stuck having to buy a new car during college.  Make sure to have money set aside for these events.  If you can avoid being frivolous with your loan money, for sure, take this advice.  But it is worth having a little extra so you are not left borrowing to afford essential things, or to afford a little entertainment here and there.