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Jan 21, 2017 04:19 AM EST

Being accepted in any early decision college is a good thing, especially if that college you applied to is the one you've always dreamt of studying in. But what if the university or college you applied to offered you fewer scholarships and grants that will help you avoid or at least minimize taking out a student loan?

The U.S. is currently facing a great amount of student debt. Many students who incurred such debt have repayment problems after graduating, if ever they graduate. Some are unable to find a job, and more actually admit they regretted borrowing more than they actually needed.

Still, student loans are a great means to fund your college education, which helps you build a great career. Borrowing money for college will help you if you know how to make it work.

To help you make the right choice regarding making student loans to enter early decision college, here are a few questions to ask, according to U.S. News.

Can I afford the monthly student loan payments?

To avoid the shock that monthly repayments bring, you should calculate how much you will owe after college. Be careful to factor various things, such as the financial aid package, your savings for college, and your (or your parent's) current income.

After calculating the total cost, use an online calculator to break down monthly repayments over a specific period of time (20 years, for example). Seeing the monthly amounts will help you decide if you really need to make that loan.

Is attending this school worth putting my parents' retirement at risk?

Parents normally save up for their retirement, but they will almost always look for ways to help fund their children's college education. One of the ways they can do this, according to U.S. News, is through a federal Parent PLUS loan.

See if that dream college isn't worth the amount your parents will take out from their retirement. You have a lot more time to pay before you retire than they do.

Why this college, and can I succeed if I study there?

Honestly assess yourself if you really want to go to that college. If you enroll there simply because you want to impress family, friends, or other people, then maybe it's time to re-evaluate your choice.

There might come a time that while you are inside that college campus, you'll realize that it's not a fit for you and want to transfer. Not all schools are a great fit for you, and not all offer the same support services that will help you succeed in school and after it.

Follows early decision college, Student Loan, Parent PLUS, repayments
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