Managing your money wisely requires financial literacy. The tools below can help you spend your money to meet your needs without going into debt.
Developing a budget, or spending plan, is your first step in managing your money.
Keep your loan debt to a minimum when financing your education. Determine what you actually need to borrow before you sign for a loan. Any loan listed on your award letter indicates the maximum allowable that you can borrow; you can always borrow less.
Student Loan Exit Counseling is required for Federal Subsidized and Unsubsidized Loans and SELF Loans when you cease enrollment, including carrying less than 6 credits or graduating and before you begin repayment. You can retrieve your loan information at National Student Loan Data System Student Access. You are welcome to contact the Financial Aid Office with any follow-up questions at 651-450-3495.
The following plans refer to federal loans.
The average loan debt for Inver Hills students over two years is nearly $8,900. Paying off that debt requires solid money management skills.
Consolidating your student loans is an option to consider. The U.S. Department of Education has implemented a new Direct Consolidation Loan application process. To learn more, visit Direct Consolidation Loan. You can find information about private loan consolidation at FinAid.
If you run into trouble, you do have options to repay your loan.
If you encounter difficulties with your lender, you may wish to contact the Federal Student Aid Ombudsman at 877-557-2575. As your advocate, the ombudsman can research problems and determine if you have been treated fairly.