About Loans
Find out how loans can help cover your educational costs. We strongly advise students to borrow only what they need.
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.
- Learn about repaying your student loan.
- Stay in close touch with the holder of your loan, either a private lending institution or the federal government.
- Always make your loan payments on time.
- Use this debt management tool to determine your monthly payments under the standard repayment plan. Carefully determine how much educational debt you can reasonably afford.
- See important loan consolidation information for graduating borrowers.
- Before you borrow, pursue outside agency scholarships.
- You may be eligible for 3 types of loans:
- 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)
- Federal non-need-based loans (you pay interest on your loan)
- 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, and to also be considered for the best types of other financial aid awards, file your Free Application for Federal Student Aid (FAFSA) each year by March 2. You may still apply after March 2 for federal loans.
- Submit any additional documents requested by the Financial Aid Office before the May 21 deadline.
- Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.
- Follow any additional instructions for specific loan types:
See additional types of financial aid.