Most students take out loans to help pay a portion of their school bill. Weigh your options to make sure you can manage the loans you borrow.
Refer to your financial aid award to see what loans you’re eligible to borrow. On your award, the category “Private Loan eligibility” is the suggested amount that you may pursue through a private loan.
Which loan is best for you?
Compare the educational loan programs to find the best loan based on your eligibility.
|Loan type||Borrower||Fees||Make payments while in school?||Interest Rate 2019-2020||Repayment|
|Direct Unsubsidized Loans||Student||1.062%||Interest accrues. Optional in-school payment.||4.53% fixed||Up to 10 years|
|Private Loans||Student (often requires cosigner)||Varies||Interest accrues. Some require interest payments while in school.||Varies||Varies (10+ years)|
How much should you borrow?
It’s important to avoid borrowing more than you’ll be able to repay after graduation. A reasonable monthly student loan payment would be 8-10% of your monthly income.
Take a look at this chart based on a 10-year repayment period to see what your monthly payments could look like. Payments reflect a 6.8% interest rate.
Sample loan repayment:
|Amount Borrowed||Estimated Monthly Payment|
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