GOING TO COLLEGE? HERE'S WHAT YOU SHOULD KNOW ABOUT STUDENT LOANS

If you’re heading to college or starting to think about where you’d like to apply, you’re probably considering options for funding your education. If you need to borrow money to pursue your dreams, you are far from alone.

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According to the Federal Reserve, 30% of all U.S. adults said they incurred at least some debt for their education. Borrowers owe a collective $1.77 trillion in student loan debt, including federal and private loans.

“Borrowing is almost at the point where it’s a requirement,” said Dana Kelly, from the National Association of Student Financial Aid Administrators.

If you’re a high school senior or a college student, you’ll want to apply for federal student loans through the Free Application for Federal Student Aid, also known as FAFSA, in December for the 2024-2025 school year. For private student loans, you can apply whenever you need the loan.

When you take out student loans, it’s beneficial have to have an idea of what professional field you want to pursue, calculate how much you need to borrow, and understand the basics of loan interest. If this sound like a lot, don’t worry — we’ll break it down for you. Here’s what you need to know.