When Marilynn King went home for Thanksgiving break her freshman year of college, she cried during the entire six hour trip because she felt she shouldn't have been borrowing that much money to afford her tuition.
King is now the senior associate director for the financial aid administration and said her education was worth every penny.
"I've been more successful than I ever would have thought," King said.
A recipient of aid herself, she has worked in financial aid since graduating from Hood College. She has worked in the finance field for 32 years and has been here at Virginia Tech for six years. King had a few tips to offer students who will have to repay loans that they took out to pay for their education.
"In financial aid, the early bird really does catch the worm," she said. With that philosophy in mind, King said that students need to apply early for federal aid. If they do, they have a much better chance at scoring grant funds that will reduce the cost.
She also recommends making sure that you only borrow what you need because you can always return the money if you take out a Federal Perkins Loan or the Subsidized Federal Direct Stafford Loan -- interest free. Unsubsidized Federal Direct Stafford Loans earn interest while you are in school. The financial aid office sends out letters detailing how much money you can borrow; however, this is the maximum amount that students are allowed, and they can always take out less.
Students should also focus on trying to repay their loans while they are in school. Students have a six-month grace period once losing full-time student status to repay their loans interest free.
Both King and Stephanie Clements, assistant director for scholarships, federal work-study and loan programs for the financial aid administration, recommend that students only borrow federal loans as opposed to alternative sources.
Post graduation, King suggests being cautious about consolidating, or combining multiple loans into one big loan, because the interest rate is recalculated as a weighted average, which could cause you to owe more.
King also said students should be aware of their financial situation when they finally leave Tech.
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