Financial Planning_Student Loans_Common Questions

Review common questions and answers regarding educational loans.

Are educational loans free money?

No. Educational loans are borrowed funds that must be repaid.

Do educational loans accrue interest?

Yes. The loan type will dictate whether a loan accrues interest, the amount of interest you can expect and when the interest begins to accrue.

Is there a limit to the amount of money that can be borrowed?

Yes. Loan amounts are determined by several factors. Check with the financial aid office at your institution for more information.

Are part-time students eligible for educational loans?

Part-time students are eligible for federal student aid, including loans. Check with the financial aid office at your institution for more information.

How much money do I need to borrow?

This varies by student and circumstances. Work with the financial aid office at your institution to determine the loan amount that you will need.

What if I cannot repay my loan?

If you have difficulty with loan repayment, contact your loan provider immediately to learn about your options.

What if the loan amount is not enough?

There are several options for funding a college education. Speak with the financial aid office at your institution for more information.

Next Steps: Review institutional profile(s) and the institution websites to learn about costs of attendance. Speak with a financial aid advisor at your prospective college.