Unsure how much money you have taken out in student loans?
Check out the National Student Loan Data System to view your information!
Understanding student loans:
Federal Perkins Loan Program: This option provides low-interest loans to undergraduate students. The loan amount will depend on the student’s need and availability of funds at their school.
Federal Direct Loan Program: Another low-interest loan option from the federal government. Options include subsidized or unsubsidized Stafford loans, as well as PLUS loans.
Subsidized loans are based on financial need, and the federal government will pay the interest on these loans while the student is in college & during deferment. Subsidized loan eligibility is determined by financial need. The US Dept. of Ed will pay the interest on a loan while you are in school at least half-time, and for 6 months after you leave school.
Unsubsidized loans are based on cost of attendance, and students will have to pay the interest accrued on these loans. You are responsible for paying the interest on this loan during all periods. If you you choose not to pay interest while you are in school, or during grace periods, the interest will accumulate and be added to your loan amount to pay back.
PLUS loans are available to the parents of undergraduate students, a credit check is required. This loan calculator will help you estimate how much loan repayments will cost after graduation. If your family is denied for a PLUS loan, you should reach out to your financial aid office as you should become eligible for a larger amount in other loans.
Loans will need to be paid back, and it is a good idea to keep up to date on how much money you have taken out in loans, and what your payments will look like when you leave school. Even if you do not graduate, loan payments will be due 6 months after you discontinue enrollment.