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Financial Services
Oklahoma Christian University
Friday, June 08, 2012

Bad Grades: 5 Common Student Loan Errors

“Students and parents looking to fill the gaps between financial aid awards and the costs of college often apply for loans with the same level of zeal that they put into admissions applications in the first place,” Fox Business reports. “In that driving desire to finance higher education, borrowers are at risk for making costly mistakes. Here are the top five mistakes people make when applying for student loans—and tips on how to avoid them. ‘Borrowing some reasonable amount to help finance your college education is overall a good thing,’ explains Jonathan Burdick, dean of undergraduate admissions and financial aid at the University of Rochester in New York. ‘It’s a smart investment because you’re increasing your long-term earning power.’ Despite the increasing costs, a college education is still statistically a smart financial move. Research from Georgetown University shows that, over their lifetimes, college grads earn 84% more than workers with a high school diploma.”

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