A Guide for Parents and Their Children. Managing Your College Loans 1. Before You Borrow. Good debt management begins before you even take out a loan. The interest rate.
Most education loans have a variable rate.
See if the rate is indexed or linked to a published rate such as Treasury bills, and how often the rate changes. Find out what your total interest charges and total indebtedness will be. Some lenders may offer interest-rate reductions for prompt payment or electronic payment. The origination fee. A fee to the lender.