Managing Your Debt

Many students at Pikes Peak Community College must take out student loans to pay their tuition, fees and books. Others use these funds to supplement their educational expenses. The debt that you incur while completing a college education is an investment in your future. However, you need to carefully consider the decision to borrow money. Please review the following proactive steps you can take to effectively manage your educational loan debt.

Determine exactly how much you need to borrow in order to help finance your education costs and apply for only what you need. You do not have to borrow the maximum the lender will allow.

Be aware of how much loan debt you can adequately manage after you leave school. Consider how much you may need to borrow in future years and calculate an estimate of your total student loan debt upon graduation. Note: This is for planning purposes. Keep in mind that you will need to apply for loans on an annual basis.  

Use the estimate of your total student loan debt to determine your estimated monthly payments and recommended annual salary. Click here to decide how much you can borrow.

Deduct the interest paid on the "qualified" education loans on your tax return. You may want to talk with an experienced tax consultant about the Hope Scholarship tax credit program before you file your income tax return. 

Your Credit

You are taking an initial step toward establishing credit when you borrow money.  Establishing good credit is critical.  By repaying your loans on time and making informed decision regarding your student loan needs, you will prevent future credit difficulties.

Credit bureaus and credit reporting agencies provide banks and businesses with your credit rating.  There are three nationwide consumer credit report companies:

• Experian - 888-397-3742 
• Equifax - 800-685-1111
• TransUnion - 877-322-8228

Identity Theft

 What  you can do to fight back against identity theft.