Financial Aid You Must Repay (Student Loans)

Although the least desirable form of financial aid, student loan programs allow you to borrow money at interest rates that are lower than loans not intended for education. And you may be able to defer interest payments 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:

• Federal Perkins Loan
• Federal Direct Stafford Loans
• Federal Direct PLUS Loans
• Federal Health Professions Programs
• SELF Loans
• Alternative Loans
• Student Loan Comparison Chart

It's important to evaluate your loan options and understand loan terminology before deciding which type of loan is right for you. A word of caution about borrowing.

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.