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How much of my education should I finance through student loans?

 

Students need to learn how to manage their finances while away from home. Decisions made now on what you can afford and how much debt to incur will impact your future finances for many years to come. Financing your college education provides an opportunity for developing money management skills and financial literacy. Listed below are some resources that can assist you in learning how to manage your money. 

 

How do student loans work?

 
Several types of loans are available to cover college expenses—both federal and nonfederal. Students and/or parents of dependent students may borrow up to the full amount of their estimated cost of attendance/budget each academic year. Borrowers must complete every step needed for their loans to be disbursed, including the Master Promissory Note and special “First-Time Borrower Requirements,” such as Entrance Counseling.
 
 
Undergraduate (Bachelor’s Degree) Students
Who
Applies
Loan Type
To Apply
Entrance Counseling (First-Time Borrowers)
Master Promissory Note (First-Time Borrowers)
Student
FAFSA
Complete online at StudentLoans.gov.
Complete online at StudentLoans.gov.
Student
FAFSA
Not Applicable
Go to University web site.
Parent
FAFSA and ParentPLUS Application
Not Applicable
Complete online at StudentLoans.gov.
Parent/Student
Private Loans
Contact lenders and follow their instructions for application.

 

 

 

Graduate Level Students
Who
Applies
Loan Type
To Apply
Entrance Counseling (First-Time Borrowers)
Master Promissory Note (First-Time Borrowers)
Student
FAFSA
Complete online at StudentLoans.gov.
Complete online at StudentLoans.gov.
Student
FAFSA and GradPLUS Application
Complete online at StudentLoans.gov.
Complete online at StudentLoans.gov.
Parent/
Student
Private Loans
Contact lenders and follow their instructions for application.