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Borrow with a clear understanding

Student loans can help close a funding gap, but borrowed funds generally must be repaid with interest. Compare grants, scholarships, savings, and work options before deciding how much to borrow.

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Understand the details.
Make informed choices.

LEARN THE ESSENTIALS

What to know

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Federal loans first

Federal student loans may offer fixed rates, income-driven repayment options, and borrower protections that differ from private loans. Eligibility and terms vary.

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Private loan considerations

Private loans are offered by lenders and may require credit review or a cosigner. Compare APR, rate type, fees, repayment flexibility, and cosigner release terms.

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Estimate total repayment

Look beyond the monthly payment: interest accrual, capitalization, loan term, and repayment plan can significantly change the total cost.

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Know the borrowing limit

Borrow only what is needed for eligible education expenses after accounting for other aid and realistic living costs.

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Stay informed after enrollment

Review servicer communications, repayment start dates, deferment rules, and available assistance before missing a payment.

MORE TO EXPLORE

A deeper look at your options

Use these practical considerations to evaluate information, prepare questions, and confirm the next step with an official source.

Compare the full cost of borrowing

Interest rate, origination fees, capitalization, repayment length, and deferment rules can materially change the total amount repaid. A smaller monthly payment can mean a larger total cost over time.

Federal and private loans are different

Federal student loans generally provide standardized terms and may offer repayment plans or borrower protections unavailable on private loans. Private loans depend on lender underwriting and can have variable or fixed rates. Compare written terms carefully.

Borrow only what the budget needs

Calculate the remaining cost after grants, scholarships, savings, and available earnings. Include living expenses and realistic post-graduation income when assessing affordability; do not borrow simply because a higher amount is offered.

Questions before signing

Who is the lender or servicer? When does interest accrue? Is a cosigner required? What happens if enrollment changes? What repayment assistance exists? Review official disclosures before accepting a loan.

KEEP MOVING

Make your next step a confident one.

Use these guides to prepare questions for your school’s financial aid office and check official program requirements.

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