8 tips for taking out student loans

Are you planning on taking out student loans to pay for college? It’s important to have a plan in place before taking on too much student debt. Remember, unlike other forms of debt, student loans can’t be discharged if you declare bankruptcy.

When choosing a college, it’s important to keep future student debt in mind. Forbes advises that students keep college debt below their expected first year’s salary. While this may seem impossible given the rising cost of college, it demonstrates the need to be diligent in your college search to find a school that offers significant financial aid while providing a quality education.

To cut costs and reduce the need for student loans, Forbes also writes that students should carefully plan their courseload so they don’t need to stay for extra semesters, which can significantly increase the cost of college. Starting at a community college and transferring to a 4-year university later can also help students save on college significantly.

Check out the full list of 8 tips to keep in mind when taking out student loans.