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Things to Consider when Borrowing

Borrow federal loans first

Federal loans typically offer lower and/or fixed interest rates and have more flexible repayment options than loans from banks. Sometimes this is not the case, so comparison shopping is encouraged. Learn more about private loans.

Students can also accept offered Federal loans up until the last day of the semester, or until the student drops to or below half-time. Be sure to complete all forms and paperwork required for each loan. Loans usually require a Master Promissory Note. Federal student loans also require entrance counseling for first-time borrowers.

Only borrow what you need

You may be eligible to borrow more money than what you need, but if you only need a certain amount, borrow that amount. Don't borrow for lifestyle expenses. You pay interest on borrowed money, so using loan money for that morning coffee could end up costing you thousands by the time you pay it back.

Know how much you owe

Keep track of how much you have borrowed and calculate your expected monthly payment. If you can afford it, we encourage you to make payments while you are in school, even if it’s only an interest payment. There is no penalty for making payments early and if you pay your interest while in school, it won't be capitalized (which increases the principle amount owed).