Don't Ask For So Much: When Students Over-borrow It Pads Their Loan Payment

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Don't Ask For So Much: When Students Over-borrow It Pads Their Loan Payment

Feb, 14th 2017

Smarter borrowing during your college years could cut your student loan payment after graduation by more than $1,200 a year.

Nearly half of undergraduate borrowers say they could have taken less in student loans, according to a November survey from NerdWallet. The survey of the 522 adults concluded the average grad borrowed $11,597 more than necessary.

After factoring in interest, that misstep works out to an extra $119 each month over a 10-year student loan repayment period, NerdWallet estimated in a report this week.

It can be tough for students to gauge, at the time they are borrowing, how much any extra funds borrowed will influence their eventual bill — and monthly budget, said Brianna McGurran, a student-loan expert for NerdWallet.

"Those numbers are big, and they don't really have...

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