A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
Opt for federal loans before private ones as they often have lower interest rates
Get federal loans first by completing FASFA
Only take a private loan after maxing out federal aid
There are two types of federal loans:
Subsidized: the government pays the interest while you are in school and throughout a grace period. This makes them a much better deal!
Unsubsidized: You start collecting interest on your loans the moment you take them out.
Learn more about the distinction at Federal Student Aid.
Borrow only what you need
You'll pay interest and fees on the loan
If you continue schooling, you can pause payments, but double check to see if interest builds or is paused
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