• SOURCE: National Endowment for Financial Education

Getting Schooled On Student Debt

ID

378489

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.mp3 audio package
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ANCHOR LEAD: The total outstanding student loan debt in America surpasses the one-trillion-dollar mark, outpacing both credit card and auto debt. Brian Osuch has more on what the next generation of young adults can do to mitigate debt from their college education. (:60) SCRIPT: Newsbreak, I'm Brian Osuch. Research from the National Endowment for Financial Education or NEFE finds debt from student loans is following Millennials well into adulthood. Ted Beck, president and CEO of NEFE says it's important to know exactly how much money you'll need before you apply for loans. CUT: (Beck) Look at the cost of four years, not just the first year… not only tuition, but room and board, technology and other things that affect the cost of going to school. SCRIPT: Once you know that number, Beck says filling out the Free Application for Federal Student Aid or FAFSA is a must… CUT: (Beck) All student aid is really based off the information that comes from that. So, once the FAFSA's done, it's sent to the schools you've applied to, and then they'll come back with not only your acceptance letter, but hopefully a financial package that will help reduce the cost of going to that institution. SCRIPT: According to Beck, grants, scholarships and work-study programs should also be considered before you decide to borrow. For more information, go to SmartAboutMoney.org. That's Newsbreak from NEFE. I'm Brian Osuch.
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