As students go through college, there is generally more of a financial burden than ever before. More financial responsibility is placed on students, which can often come off as stressful or overwhelming. 

As a student going through college, I have set out to find advice on different realms of the financial world that students may come across. I am not an expert in these fields, but with help from those significantly more educated on these topics within the SWOSU community, I plan to give advice that students can use within their own lives. This article focuses on student loans. 

First, it’s important to understand exactly what a student loan is, and the different types of student loans. 

There are federal loans and private loans, but the majority of the loans that students deal with are federal loans. These loan options can be seen in the SWOSU financial portal on the self-service page. Federal loans and the amount given in those loans can be determined by filling out the Federal Application for Student Aid, or FAFSA.

“Most of the time, students are referring to the loans they have been offered through filling out the FAFSA,” SWOSU Loan counselor Michelle Stinson said.

Filling out FAFSA is the first step in receiving a student loan, but as to if students even need a loan, Stinson explains that you should only take one if it is needed. 

“[Student loans should be taken] if they don’t have any other option,” Stinson said. 

While loans should be taken if there is no other option, sometimes it is important to know how much to take. A big mistake Stinson sees is taking out more of a loan than should be taken. 

“The biggest mistake they [students/family] make is they look at their account and it’s really easy just to push the accept button and they take the full amount they have been offered. Instead of doing the math beforehand,” Stinson said.

It is important to look at your specific situation, and what you will need money for, and take a loan for just the amount that is needed. One important tip that Stinson has learned is that students should be using their future salary to calculate their current loan amount. 

“If a student will pay attention to what their starting salary will be once they graduate college, what that salary is, take eight percent of that. No more than that they should be taking out for student loans while they are getting their education.”