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Money Fitness

This guide includes resources for budgeting, credit cards, investment, loans and scholarships, and general money management.

What are student loans?

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.

Federal Loans vs. Private Loans

  • 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​

Subsidized vs. Unsubsidized Loans

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.

Student Loan Basics

  • 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​