When considering accessing student loan funds to help with your college costs, it’s a good idea to remember that these are funds that must be repaid. ASU Financial Aid highly recommends any borrowers to look at how much they can safely borrow and pay back based on the career they choose. One way is to use the student loan calculators available online. Here are the simple steps:
- Identify your career and the median annual salary for that career. Go to O*Net OnLine job analysis site and enter your career choice in the Occupation Quick Search field. www.onetonline.org.
- While on the specific career site, take some time to learn about your career. The education and skills required are all helpful for you to know. At the bottom of the information sheet will be the median salary expected for that career.
- Next, visit the Mapping Your Future financial aid website and use the student loan calculator that looks at your anticipated salary and how much in student loans you can safely assume and pay back with your career salary. An interest rate of 6.8 percent and 10 year term will cover most student loans but you can also enter the actual interest percentages.
Put the anticipated salary in the Expected salary field and set the term to “Annual”. This will give you the amounts you can safely borrow and expect to repay. This site also contains good information on total financial awareness from student loans to personal budgets, bank accounts, and credit cards. This information can help make the difference with a successful college experience transitioning into a satisfying career.
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