8 steps to take before getting a student loan
6. Know the total cost of borrowing
The new, federally required Application and Solicitation disclosures provide the lowest and highest potential starting interest rates, whether the loan has a fixed or variable interest rate, the interest rate cap (if any), and the total cost of borrowing over the life of the loan. All nonfederal college loan lenders must provide this document, so you know exactly what you're applying for.
Use MEFA's loan calculator to figure out the costs of borrowing.