Kendall College of Art and Design is concerned about the average loan debt of our students. For many students, educational loans are necessary to finance their education. We are dedicated to providing students and parents with tools and information that can help them to minimize student loan debt and to borrow wisely when loans are the only option.
When you have determined that borrowing money is the only option for financing your education, and you have determined the minimal amount of money that you need to get by, you are encouraged to explore this link to borrow wisely.
- Don't over borrow. Students often borrow the maximum allowed under federal financial aid regulations without looking at their personal financial situation. If your parents are helping out with your expenses for living, food, transportation, you should not have to borrow money for that.
- Use the loan calculator to estimate your student loan payment before you take out those loans.
- Choose your major wisely. Students who change their major can easily add thousands of dollars per semester to their overall debt load. The longer you stay in a program that isn't right for you, the costlier the result.
- Use federal loan options first. You are encouraged to use the federal loan options before seeking private sources.
- Examine your finances and establish a budget. Many students are accustomed to a lifestyle that their parents' have established through years of hard work. Unless your parents are willing to continue supporting you in that lifestyle, you may have to make some difficult choices to ensure your own personal stability.
- Stick to your budget.
- Avoid credit card traps.
- Don't make compulsive purchases you cannot afford.
- Don't eat out at restaurants a lot.
- Start saving your pennies and spare change in a jar for emergencies.
- Get a part-time job to help cover your expenses.
- If at all possible, make payments on your student loans while you are in school, especially any accrued interest. Educational loans do not have any pre-payment penalties. You may make payments at any time.
Additional resources available for credit counseling and money management.