News

PHEAA unveils smart borrowing calculator

Written by Matt Paul and Radio Pennsylvania | Oct 6, 2013 2:31 AM
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(Harrisburg) -- The commonwealth's student loan agency is introducing a new online tool to help students and their families analyze the costs of borrowing for college.

Pennsylvania Higher Education Assistance Agency spokesman Keith New says users will be asked some basic questions - like what colleges and careers they are considering, as well as what they can afford to contribute financially.

He says the program does the rest.

“It will provide an estimate for potential salary and what your student loan bills may be. All of that is to get the students, to get the families to focus on the overall cost before they make any decisions that could impact them negatively down the road.”

New says over the years PHEAA has noticed a disconnect between the cost of a student’s education and the ability of that student to repay his or her loan.

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