Students’ Guide to the Loan Galaxy a good idea

Between budget cuts, tuition hikes and a crumbling economy, going to college is simply not as affordable as it used to be. There are fewer venues for students to receive aid from, a fact which leads people to believe college is less accessible. But on Feb. 2, Sen. Chris Dodd, D-Conn., aimed to help the situation by releasing The Resource Guide to Financial Aid — an online booklet that lists various types of financial aid available to students. It includes listings for grants, loans and scholarships that college students may be unaware of. It also notes the importance of students paying attention to interest rates as well as other significant factors pertaining to their loans because, in the end, they will be the ones paying back the money. A lot of things at college may seem free since students don’t usually have to start paying back loans until years later. But high interest rates can seriously impact a student’s lifestyle after college. It is important now more than ever to be aware of all the options for aid. Students should keep their futures in mind when choosing to take out a loan. Contrary to how it may seem now, college is far from free, and it only gets more expensive as interest accrues. The more effort students and their parents put into choosing a loan and being conscientious about paying it back in a timely manner, the better off they will be in the future. And now there is no excuse — there is an all-inclusive guide that is easily accessible to college students and their families.

— ‘Students need to plan now for their futures,’ The UConn Daily Campus editorial board, Feb. 10