Before you Borrow: Choosing to borrow a federal loan is a decision to consider seriously before entering into a loan agreement. Loans can be a wonderful way to make attending college possible but many students enter into loan agreements without fully understanding the consequences of their decisions. Loans must be repaid when you're no longer enrolled in school. Student loans, unlike grants and scholarships, are borrowed money that eventually MUST be repaid, with interest. A Loan Payment Calculator is available onto gauge what your monthly payments may be at various borrowing levels.
Students are strongly advised to borrow through the Federal Direct Subsidized and Unsubsidized Loan program first. If additional loan funds are still needed, we suggest the Federal Direct PLUS (for the parents of dependent students) and the Federal Direct Graduate PLUS (for graduate students). We advise families to exhaust all federal loan options before using private education loans.