Many students will be entering college in the next months and they must be thinking about a million things. Whether it’s what roommate they’ll be having, or what schedule they’ll get for their classes, but they’re surely not thinking about how much debt they will have from student loans by the time they’re done with college. For most, that’s the least of their worries.
Some states are requiring colleges to let the students know how much debt they will be in by the time they finish school. When they see the amount of money they have to pay back once they’re done, most students decide to borrow less throughout their college years. For example, Florida is now required to give their higher education institution students an annual report letting them know how much they’ve borrowed so far. According to The Student Loan Hero, “This law is similar to those in Indiana and Nebraska. These laws require colleges and universities to offer detailed student debt information to their students. Next summer, Washington will also implement these changes as part of a recently-passed law.”
If your college doesn’t do any of these things to keep you on the loop of how much you’ve borrowed, don’t wait for them! You can figure it out on your own before it’s too late. If you borrowed or plan to borrow let’s say 10 thousand dollars on your first year of college, then you will most likely borrow the same amount on the years that follow. If you’re going to school for 4 years, then the total borrowed would be 40 thousand dollars. Once you have an estimate of how much you will owe by the time you finish college, you can use a student loan payment calculator to get an idea of how much you will need to pay each month until you’re done paying everything.