Understanding Loans

This should be your last resort to help pay for school after looking into scholarships and institutional aid (money given to students from the college).

Taking out a loan is a very personal decision therefore it is important to learn what it means to take out a student loan before you agree to do so. There are some loans that don't acquire interest until 6 months after you graduation like unsubsidized loans. 

 

If you think you are going to have to take out a loan, don't be afraid, be prepared. Many students take out loans to fill their financial need gap.

A common piece of advice is "Your amount of student loans should be less than your first year post-graduation salary." and only take out what you need. A school might offer you 12k in loans but in reality you only really need 10k.

More Helpful Resources to check out!

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FinAid

This site helps explain student loans, parent loans, loan interest.  They even have a loan calculator to see what your projected monthly costs would be. 

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Ready Set Repay

Ready Set Repay helps high school students understand student loans and how to pay them off once they graduate.

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UCanGo2

This website helps break down ways to pay for college. When you click "High School Student" you will find a tab that explains loans. 

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Federal Student Loan Program

Read frequently asked questions and answers about federal loans that you could qualify to cover your educational costs.