(NAPSA)—If you’re like many of America’s 21 million college students, you count your money down to the pennies. Unfortunately, that’s not always enough. From tuition and fees to books andliving expenses, the cost of an education can really add up, and finding the best opportunities for financial assistance is essential. The search for a little extra cash can be tricky, however, and some students havefallen prey to what is known as predatory lending. What Predatory Lending Is According to the experts on finance at debt.org, predatory lending imposes unfair or abusive loan termson a borrower.It’s any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulousactions for a loan that a borrower doesn’t need, doesn’t want or can’t afford. For example, an educational institution may give you optionsfor finan- cial assistance knowingthat withits high interest rates, you'll never be able to pay them back. Alternatively, inflated fees and charges are purposefully hidden in thefine print that makeaffording their loan ultimately impossible. Then, when you try to take legal action, you realize the contract you’ve signed contains specific language that makes it impossible for you to sue. Some schools have also been knowntotell students to borrow much more than is necessary, and before long, the student owes $60,000 and has no wayto repay. Sadly, this is a very real threat for students and is not uncommon. Be smart about financing your education—watch out for preda- tory lenders. What You Can Do Fortunately, you do have some options to help you sidestep the crooks, secure your financial future and find financial relief during yourcollege career: *Start by creating a budget. You'll know exactly how much you need so you don’t borrow an unnecessary amount, making repayment that mucheasier. *Familiarize yourself with FAFSAand apply for government aid and for education awards— free money—suchasscholarships, grants andfellowships. *Read the fine print. You can mostcertainly apply for financial aid through your college or bank but you’ll have some comparing and contrasting to do. Take a momentto read over each option carefully and in detail. Learn More To learn more about how to make your college experience financially safe and affordable, you can speak with a financial aid counselor at Bellevue University or visit www.bellevue.edu.
