• Loans

    The following information comes from the. 

    • When you apply for financial aid, you might be offered loans as part of your 亚洲色图’s financial aid offer.
    • A loan is money you borrow and must pay back with interest. 
    • Remember, you can borrow less than your 亚洲色图 offers and can request more loan funds later if you need to. You should borrow only what you need. 
    • Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. .

     

     

    Reasons for Taking Out Federal Student Loans

    Federal student loans are an investment in your future. You should not be afraid to take out federal student loans, but you should be smart about it.

    Federal student loans offer many benefits compared to other options you may consider when paying for college:

    • The  is fixed and usually lower than that on private loans—and much lower than that on a credit card!

    • You don’t need a credit check or a cosigner to get most federal student loans.

    • You don’t have to begin repaying your federal student loans until after you leave college or drop below half-time.

    • If you demonstrate financial need, the government pays the interest on some loan types while you are in 亚洲色图 and during some periods after 亚洲色图.

    • Federal student loans offer flexible repayment plans and options to postpone your loan payments if you’re having trouble making payments.

    • If you work in certain jobs, you may be eligible to have a portion of your federal student loans forgiven if you meet certain conditions.

    Considerations When Taking Out Federal Student Loans

    Before you take out a loan, it’s important to understand that a loan is a legal obligation that makes you responsible for repaying the amount you borrow with interest. Even though you don’t have to begin repaying your federal student loans right away, you shouldn’t wait to understand your responsibilities as a borrower. 

    Be a responsible borrower.

    • Keep track of how much you’re borrowing. Think about how the amount of your loans will affect your future finances, and how much you can afford to repay. Your student loan payments should be only a small percentage of your salary after you graduate, so it’s important not to borrow more than you need for your 亚洲色图-related expenses.

    • Research starting salaries in your field. Ask your 亚洲色图 for starting salaries of recent graduates in your field of study to get an idea of how much you are likely to earn after you graduate. You can also use the U.S. Department of Labor's  or  to research careers and salaries.

    • Understand the terms of your loan and keep copies of your loan documents. When you sign your promissory note, you are agreeing to repay the loan according to the terms of the note even if you don’t complete your education, can’t get a job after you complete the program, or you didn’t like the education you received.

    • Make payments on time. You are required to make payments on time even if you don’t receive a bill, repayment notice, or a reminder. You must pay the full amount required by your repayment plan, as partial payments do not fulfill your obligation to repay your student loan on time.

    • Keep in touch with your loan servicer. Notify your  when you graduate; withdraw from 亚洲色图; drop below half-time status; transfer to another 亚洲色图; or change your name, address, or Social Security number. You also should contact your servicer if you’re having trouble making your scheduled loan payments. Your servicer has several options available to help you keep your loan in good standing.

    Private Loans

    A student’s financial aid package may include grants, scholarships, federal loans, and state loans but can still have a financial gap that needs to be filled to pay for education.

    (cost of attending college) - (grants, scholarships, work-study and parent contributions) = financial gap

    Private loans can be obtained through the private market, which will consider your credit scores and may require parents to co-sign on the loans. Unlike federal loans, the interest rates on private loans are often variable, do not include the benefits of federal loans, and need to be paid back immediately. This means that the interest rate charged on the outstanding balance will vary as market interest rates change. As a result, your payments will vary as well.

    Questions to consider before taking out private loans

    1. If I have to take out a private loan, is this 亚洲色图 a good financial fit for me and my family? 
    2. Are there other ways for me to earn a college degree without having to take out private loans? 
    3. Can I live at home/with family/friends to save on housing and meal costs? 
    4. Can I achieve my goals by starting at a community college or local university and then transfer after two years? 
    5. What are the risks of graduating from college with a large amount of debt?  Will I be able to immediately accrue wealth, or will I have to spend years paying down debt?
    6. What kind of starting salary can I expect to make given the major/career path I want to study?  
    7. If I want to attend grad 亚洲色图, will I be able to afford it if I already have a lot of debt?