You may be offered student loans as part of your financial aid award package when applying for FAFSA. Determining if you really need a student loan and if so, how much student loan money you need, are both very important decisions that should be thought out before deciding to accept your loans.
This is money you borrow that must be paid back. Student loans may come from the federal government, a state government, or private institutions such as banks. It is important when borrowing student loans that you are aware of the terms and conditions of the loans. Things such as interest rates, repayment options,deferments, and grace periods should all be taken into consideration.
Most students will be offered a student loan in their award package, however this does not actually mean you need to borrow a student loan. You should analyze your actual expenses when determining if you should borrow student loans.
Did you know that you can accept a partial amount of a student loan offer to help cover your expenses while in college? You are not required to take the full amount of a loan offer. You may even choose to accept one type of loan and decline another . For example, an undergraduate student who is eligible for both Subsidized and Unsubsidized loans may choose to accept the Subsidized Loan and decline the Unsubsidized Loan Offer.
If you choose to borrow loans, it is important that you monitor your student loan debt each semester that you choose to take out a student loan. In doing so, you may think twice before taking out more student loan debt to buy things that you really don't need while in college. Because remember, you will have to pay your loans back.
Student Loan Repayment Estimator