Money That Must Be Repaid
Student loan programs are the least desirable form of financial aid. They allow students the opportunity to borrow money at interest rates that are lower than loans not intended for education. They often pay no interest on the loan until after you graduate.
Student loans are useful if you:
- don't qualify for scholarships or grants
- receive some grant money, but need additional assistance to meet expenses
- are a graduate or professional student
- enroll at a college or university out of state
There are a variety of loan options available to both you and your family from the federal and state governments as well as private lenders:
Remember, you'll need to repay your student loan(s). Repayment requirements and payments will differ depending on the type of loan and your total debt. You may be able to combine your federal loans through a loan consolidation program. This can reduce the size of your monthly payments by extending your repayment period.
You also can learn more about how financial aid works and your aid options by attending a local financial aid event.