Smart Borrowing with Amy Sloan

Smart Borrowing with Amy Sloan

Rue Daniels

As seniors wrap up their final decisions in the college making process Amy Sloan is eager to assist students in smart borrowing.

On Wednesday, April 30, Sloan stopped by theology classes at Villa Maria Academy to offer advice regarding student loans, scholarships, and other financial aid resources offered including PHEAA.

PHEAA provides affordable access to higher education. It is a national provider that serves to millions of students throughout thousands of schools.

Sloan provided students with a software called MySmartBorrowing to reflect projections of whether or not the finances of college would be beneficial to borrow. The first question allows students to enter a selected career to establish how much the student would be making their first year out of school. Next, select a college to see the average cost to attend the school of choice. There is also a savings option to see how savings can reduce the total that the student would borrow in student loans. An option called multiple scenarios allows students to compare up to four combinations to see which one makes the most sense financially.

There were a few beneficial tips offered to students to better prepare them for making smart financial decisions. It is important to research expected salaries and find an affordable school to borrow realistically. By considering job availability in a chosen field, students can consider majors that are in high demand.

“I encourage students to start early in search of local and national level scholarships,” Villa guidance counselor Miss Peterson said. She urges students to consider all forms of loans and financial aid to decide which ones most suit the student and their individual goals and resources.

“I encourage students to start early in search of local and national level scholarships.”

Inconsistently repaying loans could negatively impact the futures of young students entering the real world. By borrowing responsibly, students can better prepare for their future as successful alum of Cathedral Preparatory School and Villa Maria Academy.