Loans
Some students find it necessary to borrow money to finance a portion of their education. Although the college can assist you in securing an educational loan, it is important that you consider this step carefully. Here are some things to be aware of before you obligate yourself for educational loans:
- Explore all avenues regarding other financial assistance (grants, work, scholarships) prior to obligating yourself for a loan.
- Only take an educational loan if it means the difference between attending and not attending College, and then only for the amount needed to attend.
- Know what your debt limits are; what debt can you sustain and survive during the repayment period?
- Know about and follow through concerning your rights and repayment responsibilities including loan repayment deferments.
Researching Loans
Be sure to consider the following questions when researching loans:
- What is the interest rate? How is it determined?
- Is the interest rate variable or fixed?
- What are the repayment options?
- Are there origination fees?
- Is the student the borrower? Is the parent?
- Will the borrower need a cosigner?
- At what point must the first loan payment be paid?
- How long is the repayment term?
Learn More
Loans are available from the following sources:
Additional Information