College Loans - Don't Bite Off More Than You Can Chew!

Going to college is a great investment, but can also turn into a great debt if you lack a plan. Many people often get college loans thinking that they will just pay themselves, or falling for the "easy low payments" scheme many companies say. The part they forget to add is, "...for the rest of your life, by the way." So, unless you want to be a lifer, here are some things to keep in mind about college loans.

Don't bother with anything other than loans through your school. You have the option of going subsidized or unsubsidized, but either way these will generally only be between 6%-8% interest. Any other college loans will be much higher, some even as high as 25%! Going through your school is the best way to go and the safest. Don't like the fact that you get less money? Good! That means you now have the challenge of planning your education. There's no rush, just work with what they give you rather than overextending yourself, taking a bunch of classes and getting overwhelmed only to waste money.

Remember, once you borrow money - it's borrowed regardless of what you did with it good or bad. So don't bite off more than you can chew.