About Loans

Find out how loans can help cover your educational costs.
Facts about loans:

* Loans are self-help aid funds that you must repay with interest under varying terms and conditions.
* Borrowing is a serious responsibility and can affect your future credit rating.
o Learn about repaying your student loan.
o Stay in close touch with your lender.
o Always make your loan payments on time.
o Carefully determine how much educational debt you can reasonably afford (this online student loan advisor can help).
o See important loan consolidation information for graduating borrowers.
* Before you borrow, pursue outside agency scholarships.
* You may be eligible for 3 types of loans:
o Federal and university need-based loans (in most cases, the federal government pays the interest on your loan if you meet certain requirements; read more about need)
o Federal non-need-based loans (you pay interest on your loan)
o Alternative loans (offered by private non-government lenders)
* You're required to sign promissory notes and may also need to attend loan counseling sessions before you can receive approved loan money.
* Make sure you're eligible to receive loans (or any other types of financial aid): Review eligibility requirements for undergraduates or graduate students.

To apply for loans:

* For all federal and university loans, file your Free Application for Federal Student Aid (FAFSA) each year by March 2.
* Submit any additional documents requested by the Financial Aid Office before the May 1 deadline.
* Follow any additional instructions for specific loan types:
o Federal loans for undergraduates and parents
o Federal loans for graduate/ professional school students
o University loans for undergraduates
o Private loans