The Consumer Financial Protection Bureau (CFPB) recently announced the release of a new simplified credit card agreement. The prototype is designed to help consumers better understand their credit cards and is part of CFPB’s “Know Before You Owe: Credit Cards” campaign. In addition, President Barack Obama announced changes to the current Income Based Repayment (IBR) Plan that will potentially lower monthly payments on student loans for eligible borrowers. These are but two of the latest borrower-friendly developments in consumer borrowing.

However, not all the news on borrowing is good. Starting July 1, 2012 for a period of two years, new Subsidized Stafford Loans for undergraduate borrowers will no longer be interest-free during the borrower’s six- month grace period, adding to the total cost of repayment. In addition beginning July 1, 2012, all new Stafford Loans for graduate and professional students will carry an interest cost during school and during the grace period.

What does all this mean? As you consider how to finance your health sciences education, you cannot rely on other entities to watch out for you when you borrow.  USA Today recently featured an article on private loan borrowing, where a recent graduate lamented how much she owed in outstanding private loans and the impact it is having on her quality of life. To her credit, she is taking responsibility for repayment and is not blaming anyone for the position she is in.

The earlier you start not only thinking about but actively taking steps to borrow responsibly, the better.