5 Dos and Don’ts of College Financing

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DO speak candidly to your college-bound youngsters about the importance of repaying their loans, how borrowing will affect their take-home pay, and how long it will take to pay back those loans. Sheila Hicks, the Director of Financial Aid at Riverdale Country School, says every $10,000 of borrowing equals roughly a $100 a month repayment. “Paying back $100 to $200 a month is manageable,” says Hicks, “but $300 to $400 a month would affect lifestyle choices.”

DO speak candidly to your college-bound youngsters about the importance of repaying their loans, how…