Prospective college students for this fall are beginning to get their financial aid notices, but Gay Pustaver from Money Management Counselors in Sturgeon Bay says the letters could be misleading if you do not read them carefully. According to Bloomberg, student loan debt reached $1.4 trillion last year with over 2.7 million people owing at least $100,000. Pustaver says borrowers need to pay close attention to the types of student financial aid they are receiving.

If you need to borrow to pay for college, she also recommends going with subsidized student loans if possible and keep track of how much debt you have accepted along the way. You can listen to the entire Money Management Monday interview with Gay Pustaver online with this story.