– that you will incur to determine the total amount you will need to borrow. According to the American Council on Education, half of all graduates in 2004 used credit cards for school expenses.13 You want to avoid having to do that.
The second question is closely related: Will you be able to make the payments on the loan even if everything doesn’t go as you plan or if payments are higher in the future? Consider the highest payment you will potentially face rather than just the initial payment. And finally, ask yourself if you have found the best loan for you.