What It Means To “Borrow Only What You Need” For Student Loans

Your application for a student loan starts with you filling up the FAFSA. The information that you submit through the FAFSA is then used to put together a customized loan package for you. Sometimes, your loan package includes a much higher amount than you actually need.

Take Only What You Need

While you can take the entire amount that is offered to you, you must remember that you will have to return whatever you borrow with interest. Instead, it is advisable to borrow only what you need so that you graduate with the minimum debt possible. It is important however to take time and make sure that you calculate all possible expenses so that you do not end up short.

These are some of the costs you must include:

• Tuition
• Other school-related expenses depending on the program you are attending
• Textbooks
• Accommodation, whether on- or off-campus
• Food and groceries
• Everyday travel as well as traveling during the break
• Membership to sorority or fraternity
• Health insurance if not included in the family plan
• Personal supplies
• Miscellaneous – phone, laundry, entertainment, athletic equipment

Add up all of the scholarships you’ve won and use that amount to cover as much of your expenses. That will give you a pretty good idea of how much you need to borrow by way of student loans. Try not to borrow too much over that amount.

Use College Raptor’s new Student Loan Finder to discover personalized loan options. Compare lenders and interest rates to find the ideal student loan—for FREE!

 

Lender	Rates (APR)	Eligibility
	5.34%-15.96%* Variable 3.99%-15.61%* Fixed	Undergraduate and Graduate	VISIT CITIZENS
	4.92% - 15.08% Variable 3.99% - 15.49% Fixed	Undergraduate and Graduate	VISIT SALLIE MAE
	4.50% - 17.99% Variable 3.49% - 17.99% Fixed	Undergraduate and Graduate	VISIT CREDIBLE
	6.00% - 13.75% Variable 3.99% - 13.75% Fixed	Undergraduate and Graduate	VISIT LENDKEY
	5.50% - 14.56% Variable 3.69% - 14.41% Fixed	Undergraduate and Graduate	VISIT ASCENT
	3.70% - 8.75% Fixed	Undergraduate and Graduate	VISIT ISL
	4.99% - 16.85% Variable 3.47% - 16.49% Fixed	Undergraduate and Graduate	VISIT EARNEST
	5.00% - 14.22% Variable 3.69% - 14.22% Fixed	Undergraduate and Graduate	VISIT ELFI

College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.