About Student Loans

Student loans help finance higher education expenses. Understanding the different types of loans and their terms is crucial for making informed borrowing decisions.

Loan Types

Federal Student Loans

  • Fixed interest rates
  • Income-driven repayment options
  • Loan forgiveness possibilities
  • No credit check for most loans

Private Student Loans

  • Variable or fixed rates
  • Credit-based approval
  • May require cosigner
  • Fewer repayment options

Repayment Options

Federal Repayment Plans

  • Standard repayment
  • Income-based repayment
  • Pay As You Earn (PAYE)
  • Graduated repayment

Deferment Options

  • In-school deferment
  • Grace period
  • Economic hardship
  • Military service

Important Considerations

Borrowing Tips

Borrow only what you need, understand interest accrual, and explore scholarship opportunities before taking loans.

Repayment Strategy

Consider income potential after graduation, explore loan forgiveness programs, and understand the impact of deferment on total cost.