If you think you will need to take out a loan as part of your financial aid package, you are not alone. Many students borrow at least one student loan.
But, before you sign you should consider alternatives to student loans:
- Federal Work Study - Check with your financial aid adviser in the Home Page Financial Aid & Scholarships for your eligibility.
- Student Assistants - Career Services is another source of part-time jobs.
- You might consider working summers and holidays to help pay tuition and expenses.
If you are considering a teaching career, you may qualify to have a portion of your student loan canceled, forgiven and repaid. Here are some resources that will explain these options:
As it may not be possible for you to get through college without incurring any loan debt, you need to be knowledgeable about loan programs so that you don't leave school with debt that is greater than you can handle or that will compromise your opportunities and choices in the future.
In order to be an informed borrower, make sure you:
- Know the difference between subsidized and unsubsidized loans
- Borrow only what you need
- Know and understand the repayment terms
- Keep copies of all your loan documentation