5 Things to Do Before You Borrow a Dime for College

in Financial Aid Tips on Share
Like this

Families often feel pressured to take out loans before they fully understand what college will really cost or what other options are available. Before you (or your child) borrow a single dime, take a breath and walk through these five key steps to make smarter financial decisions.

1. Understand the Full Cost of Attendance

Tuition is just the beginning. The real cost of college includes:

  • Room and board (even if they live at home!)
  • Meal plans or groceries
  • Books, supplies, and tech
  • Personal expenses, travel, and emergency costs

➡️ Every college publishes a “Cost of Attendance” (COA) on their financial aid page. Use that as your budgeting foundation, not the sticker tuition price alone.


2. Build a Budget to See Your Gap
Once you know the full cost and what aid you’ll receive, subtract:

  • Grants + Scholarships
  • Family savings or 529 plans
  • Expected work income (if any)

🤔Whatever’s left? That’s your college funding gap—and what you’ll need to cover before thinking about loans.


3. Understand What a Loan Really Is

Before signing anything, your student should know:

  • The difference between subsidized and unsubsidized loans
  • How interest works and when it starts
  • What monthly repayment looks like after graduation

💡 Remember, borrowing is sometimes necessary but blind borrowing is a trap!


4. Search for Scholarships Early and Often

Don’t wait for senior year. Many scholarships are open to juniors, and even younger students. Start local:

  • Employers (yours or your child’s)
  • Credit unions and banks
  • Community groups and churches
  • School-based scholarships

➡️ Pro tip: Set a goal to apply to at least 3 scholarships per month.


5. Complete the FAFSA—Even If You’re Not Sure You’ll Qualify

The FAFSA unlocks access to:

  • Pell Grants (free money)
  • State aid programs
  • Work-study eligibility
  • Federal student loans (which are safer than private loans)

Even middle-income families often qualify for some aid—but you won’t know unless you file.

🎓 Interested In Going Deeper?
Get my College Money Toolkit to beat the overwhelm of future college costs.

The College Money Toolkit contains videos, tips, and tools to help families:

  • Understand what they are in for
  • Build a real budget
  • Plan smart so they don’t overborrow
  • Decode financial aid offers

📥 Get the College Money Toolkit here : https://stan.store/Ontrackwithmizzp/p/college-money-toolkit

👉Learn more about the author Mizz P. and her offerings here: www.mizzp.nyc

Leave a Reply