4. Borrow Only What You Need
Borrowing more money than necessary can lead to financial strain down the road. It’s crucial to evaluate your needs and avoid over-borrowing carefully.
Budgeting
Create a detailed budget to determine the exact amount you need to borrow. Factor in tuition, books, living expenses, and other essentials. Consider part-time work or scholarships to reduce the amount you need to borrow.
Avoid Over borrowing
Taking out more than necessary increases your debt burden and the amount of interest you’ll pay over the life of the loan. Stick to your budget to avoid this pitfall. Remember, every dollar you borrow now must be paid back with interest later.