Borrowing for your education is one of the most important and worthwhile investments you will ever make. But like all investments, it takes a good design and careful thought to be successful. As you plan your educational financing, think ahead to the time when you will begin repaying your loans: How much will your monthly payments be? When will they begin? How long will you be making them?
The information on this page can help you think realistically about how your student loan borrowing – to help you make decisions now that will allow you to manage your loan repayment after graduation. Student loans are part of creating a personal financial plan: create a budget plan now that will help you keep your expenses manageable, now and after graduation.
It is extremely important that you carefully monitor your expenses and spending while you are in school. Although it may seem relatively easy to borrow loan funds or use credit cards to cover all of your expenses, it is wise to make a budget and stick to it. Keep in mind that every dollar that is borrowed must be repaid after you leave DePaul. Do not burden yourself with unnecessary debt (student loans or credit card) that will negatively impact your lifestyle after graduation. For a good introduction to the basics of personal money management, please view Money Basics
in our Financial Aid TV webpage
There are many helpful budgeting tools available online. An excellent resource is the U.S. Department of Education’s Financial Awareness Counseling
. The Financial Awareness Tool offers five interactive tutorials covering topics ranging from managing a budget to avoiding default. You can access your individual loan history and receive personalized feedback that can help you better understand your financial obligations.
We are here to help you with your questions about managing your costs and budgeting, and to help you with the fundamentals of responsible borrowing and debt management.
DePaul Offers Assistance
Visit our free Financial Fitness Program
site for financial management tools and techniques that will help you in college and beyond, and remember that financial aid counselors at DePaul are always available to help you.
Get to know the Direct Loan Repayment Plans
Visit our Financial Aid TV webpage
to view useful videos about loan repayment
and income-based repayment