EYEWITNESS LOCAL NEWSKNOW BEFORE YOU OWE
from Eyewitness News Online
Attorney General Launches Website To Help Before Students Take On Student Loans
Reported by: Jeff Morris
Web Producer: Jeff Morris
Reported: Oct. 3, 2012 10:52 AM EDT
Charleston , Kanawha County , West Virginia
West Virginia Attorney General Darrell McGraw has launched a new website called “Know Before You Owe,” to arm students and parents with information before they apply for college and take on student loans.
Found at www.projectstudentaid.com, the site is designed as a roadmap through the entire student aid process and helps students prioritize different types of aid so they can avoid the burdens of student debt after college, according to a news release from the Attorney General’s Office.
Many students and parents think a college diploma is within reach only if they go deeply into debt. While loans can be helpful, McGraw’s office designed “Know Before You Owe” to steer young consumers toward scholarships and away from the types of the debt obligations faced by so many graduates today. While some loans sound like a great deal, students often discover payments are higher than promised and repayment options are limited during tough economic periods. The attorney general’s online tool steers users to the most cost effective loan products with built-in consumer protections.
“Know Before You Owe” also instruct students to research their college choices in advance. Online calculators help consumers compare prices of several schools side-by-side, and students are warned to find out whether a college is accredited.
The website also warns consumers against scams. Since the financial aid process involves so much money, it is a ripe market for scam artists who target young students. The site further provides helpful sections specific to older, “non-traditional” students, as well as service members and veterans.
For more information, visit the website at www.projectstudentaid.com.
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