Student financial aid expert says it pays to be wise about loans

Many students wouldn’t be able to start the academic year without loans - two-thirds of them borrow to pay for college.

But student financial aid expert Mark Kantrowitz says it’s important for young scholars to think realistically about what they can afford before they assume the responsibility.

Mark Kantrowitz: “To a large extent it goes in one ear and out the other, many students just want the money so they can attend their dream school and they figure they’ll worry about it after they graduate. If the loan is a private student loan that requires a co-signer, the parents also have to sign off on the loan, but sometimes the parents don’t pay attention to the numbers either.”

Kantrowitz spoke with KPCC’s Patt Morrison. The average debt load for undergraduates exceeds $23,000.