Financial Wellness

Details

HOW MUCH TO BORROW

Consider all the costs associated with your education, tuition, fees, books, supplies, and living expenses. Loans can help cover these costs but remember that every dollar borrowed must be repaid with interest after graduation.

At Perry Tech, each student meets one-on-one with a member of the Financial Aid team to complete a financial planning session. During this session, we review your quarterly costs and outline what grants and loans you’ve been awarded. This personalized approach helps you see your full financial picture and determine how much additional funding you may need.

Look for practical ways to reduce expenses now to lessen the amount you need to borrow. Sharing housing costs with a roommate, preparing meals at home instead of eating out, and budgeting for essential expenses can all make a meaningful difference.

How Much Can You Afford to Borrow?

Many students are surprised by the size of their loan balance at graduation and the monthly payments that follow. Before borrowing, think ahead to your post-graduation plans:

What kind of job and salary do you anticipate?
Will you need to relocate, and what is the cost of living in that area?
Do you plan to live independently, buy a car, or take on other new expenses?

Setting a realistic one, three, or five year financial plan can help guide how much you borrow now. Use your projected income and expenses to determine what level of debt you can comfortably manage.

MANAGING STUDENT LOANS

Take time to understand what you owe so there are no surprises after graduation. You can view a complete history of your federal student loans by logging in to studentaid.gov. Your Student Aid Dashboard provides your total loan balance, interest rates, and contact information for your loan servicer.

Making voluntary payments while you’re still in school is an excellent strategy to reduce debt and limit interest costs. When unpaid interest is added to your loan principle, a process called capitalization, your total balance increases, and you end up paying even more interest over time. Staying proactive now can make a significant difference later.

AFTER GRADUATION

As a federal loan borrower, you will be assigned a Federal Loan Servicer that will help you through repayment. They will be your main contact to set up or change payment plans, answer any questions or resolve concerns. If your phone number or address changes after graduation, you need to notify Perry Tech and your loan servicer. Keeping contact will help you successfully navigate repayment.

Students have multiple repayment options: https://studentaid.gov/manage-loans/lower-payments/get-temporary-relief

If a borrower disputes the terms of the Federal Direct Loan in writing and the Loan Servicer is unable to resolve the dispute, a borrower may seek the assistance of the Office of Education's Student Loan Ombudsman. The Student Loan Ombudsman will review and attempt to informally resolve your dispute.

For assistance from the Ombudsman’s Office, contact https://studentaid.gov/feedback-ombudsman/disputes/prepare.

For Washington State residents seeking information and resources about student loan repayment or seeking to submit a complaint relating to your student loans or student loan servicer, please visit wsac.wa.gov/loan-advocacy or contact the Student Loan Advocate at
[email protected].

MANAGING DEBT

Budget (Spending Plan)

Creating a budget, also called a spending plan will help you take control of your money and stay focused on your goals. When you understand your expenses and have a plan, you can spend smarter and reduce financial stress.

Know Your Spending

Start by tracking your expenses for a week or two. Mark each purchase as a need or a want.