In addition to grants, scholarships, and work-study funds that may be awarded, students may have a number of loan options available. There are considerations and procedures before taking any loan and responsibilities afterwards. Additionally, different types of loans have their own requirements. Using NSLDS, students can check the status of the loans and grants they already have.
Although student loans represent the largest source of financial aid, student loans are debts that must be repaid by the borrower either during attendance, after graduation, or after withdrawal. Some advantages of student loans are delayed repayment, relatively low interest rates, several repayment options, and sometimes the ability to postpone payments.
1. Only borrow what is needed.
2. Track how much is borrowed each year.
3. Plan how to repay the loans.
Warning
If student loans are not repaid, a student can face serious consequences.
To be eligible for the Federal loan programs a student (and parent if PLUS) must be a U.S. citizen or eligible non-citizen, have a valid Social Security Number, not be in default of a loan or owe a refund. The student must be enrolled at least half-time (6 hours undergraduate, 3 hours graduate) and making satisfactory academic progress toward a degree or certificate in an eligible program.
A student must complete a FAFSA in order to be considered for any federal loan programs. The loan amount awarded is determined by federal limits, year in school, dependency status, cost of attendance, and other financial aid received.
The U.S. Department of Education’s (DOE) central database for student aid is the National Student Loan Data System (NSLDS). Schools and agencies that guaranty loans, the Pell grant program and other DOE programs reports data here.
The NSLDS Student Access website at www.nslds.ed.gov is available 24 hours a day, 7 days a week. Students can inquire about loans and/or grant amounts, outstanding balances, loan statuses, and other disbursements. NSLDS website access requires a social security number (SSN), the first two letters of the student's last name, date of birth, and PIN assigned at www.pin.ed.gov. This is the same PIN used when filling our your FAFSA.
Most students who file a FAFSA are awarded a Federal Stafford Loan. A Federal Parent Loan for Undergraduate Students (PLUS) is available to parents of dependent students. Other loan options for students include Private Alternative and Consolidation Loans.
Date Updated: 05-NOV-2008Savings Calculator
Each of our preferred lenders offer repayment incentives to borrowers. Please keep in mind when viewing the possible savings that all or part of the incentives are granted to borrowers depending upon their personal repayment.
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