Tips to remember if you or your child plans to borrow money to pay for college

Millions of college students will apply for loans before classes start this fall.

ABC2 Works For You, with 3 tips to remember if you or your child plans to borrow.

One major rule applies to both government and private loans: read the fine print.

That means understanding terms, grace periods and interest.

Remember to think about life after graduation by considering the salary you'll make, and know that paying on time may pay off later.

Eric Bell, founder of YoBucko.com sayd, "Taking out student loans, it might seem like it's a bad thing, but it does help you build a strong credit history. If you pay those loans back on time, you can get lower interest rates in the future."

If you're having trouble, don't be afraid to ask your lender for help.

Defaulting on student loans can derail a financial future.