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Loans
Loans can be a helpful way to finance your education, but it’s important to understand how they work and your responsibilities as a borrower.
Federal student loans have annual and lifetime loan limits, which cap how much you can borrow based on your year in school and dependency status. Private loans are available through banks or other lenders, often requiring a credit check and sometimes a co-signer.
Regardless of the type, all loans must eventually be repaid. To prevent default, stay informed about your repayment plan, make payments on time, and communicate with your loan servicer if you experience financial hardship.
As a borrower, you have both rights and responsibilities—including the right to clear loan information and repayment options, and the responsibility to use loan funds wisely and repay your debt on schedule.