That Makes Cents: Student Loans

If you received loans last year, contact your lender right away to be sure you can borrow from them again this year. If you're looking for a new loan, be sure to exhaust all federal loan options first.

Allesandra Lanza, American Student Assistance
"Those tend to be cheaper in terms of interest rates and they have more flexible repayment terms."

Always get all the details of any loan options so you know exactly what you are signing.

Kevin Walker, CEO and Founder of Simple Tuition
"Families should weigh the importance of the APR, the monthly payment, and the length of repayment, and understand the trade off."

Tuition websites are a great online resource and many allow you to compare potential loans. And make sure you stay in close touch with the school's financial aid office.

Allesandra Lanza, American Student Assistance
"Just make sure you're paying attention to any deadlines and opening any mail that comes from the financial aid office."

Now that makes cents.

(Copyright (c) 2008 Sunbeam Television Corp. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)