Loans (NEW)

A student loan is money that you borrow to pay for college with the condition that it be paid back over a certain period with interest. Students often use student loans when family contributions, scholarships, and grants do not cover the total cost of attendance.

How much should I borrow?

We recommend borrowing only the amount you need. College is an investment in yourself, and the responsible use of loans can be important in helping you attain a college education.

• You are not obligated to borrow the maximum loan amount that you are offered. If you would like help with budgeting and estimating your individual college cost, consult with the Office of Financial Aid.
• Keep track of how much you are borrowing. As you continue to borrow additional student loans each year you are in school, keep track of your total student loan debt. Visit the U.S. Department of Education’s Federal Student Aid website and log in using your FSA ID and password.

Types of Loans

You may need to use multiple loan programs to help you cover your college costs, so knowing and exploring all your options is important. Below, learn more about the different types of loans that are available to assist you with your educational costs.

Federal Direct Loans

Federal student loans are low-interest loans issued directly by the federal government. They often have interest rates significantly lower than private loans, making them a more affordable choice for borrowing money. You are automatically considered for federal loans when you file your FAFSA.

Alternative Private Loans

Private loans are offered through a variety of banks and other lenders. The best rates on these types of loans are generally offered to borrowers with good credit and/or who have a cosigner with good credit.