Financial Planning_Student Loans
Financial Planning_Student Loans
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Financial Planning_Student Loans

Financial Planning_Student Loans

Review this document to learn basic information about student loans.

  • Loans are different from scholarships and grants, which are available to those who meet specific criteria.

  • Loans come from a variety of sources such as the federal government, private businesses, and other organizations.

  • Loan type matters! Some loans accrue (build) interest and/or require monthly payments while you’re in school. Other loans do not accrue interest or require payments until you graduate.

  • Loans have limitations such as annual and lifetime borrowing amounts.

  • Loans are available for full-time and part-time enrollment.

  • You do not have to borrow the entire loan amount that is offered to you.

  • Loans may be used for education-related expenses (Example: books, supplies, tuition, housing).

  • You can take advantage of a variety of loans, if eligible, to cover college expenses (Example: loans borrowed from a bank, as well as loans borrowed from the federal government).

  • Some loans have built-in grace periods, which delay repayment for a specified time.

  • There can be serious penalties for failure to comply with loan term agreements or loan repayment plans.

Next Steps: Educate yourself about the loan options that are available to you. Check out this website for detailed information about loans Consult with a financial aid advisor, who is trained to assist students with questions about student loans.

Financial Planning