A Minute to Learn it - Debt and Borrowing Money | Rochester Institute of Technology

Playlist: Debt and Borrowing Money

A Minute to Learn it - Debt and Borrowing Money

A Minute to Learn it - Debt and Borrowing Money Here are 5 key points to know about debt and borrowing money.

1. Debt is money you borrow and agree to pay back.

You will be charged interest, a percentage of the money borrowed.

2. Loans are a type of debt with an agreement to repay the amount borrowed over a specified amount of time.

A cosigner is someone who agrees to repay the loan if you aren't able to.

3. Understand different types of loans.

Research and know the terms of the loan.

4. Know your debt limit.

Determine your personal debt limit based on your income or potential income after completion of your program.

5. Review loan repayment and consolidation options.

Research and determine which will work best for your financial situation.

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