A part of your financial aid award may be a loan. A loan must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. Unlike consumer loans, student loans have longer terms of repayment and in most cases are not repayable until you leave school. Interest rates vary from program to program but are usually lower than on loans made to the general public. The precise terms of the loans are contained in the promissory notes that borrowers must sign.
Direct Lending Information
The federal government established a customer service line dedicated to address the problems and concerns of borrowers. If you have questions, call the Direct Loans Borrower Customer Service number at 1-800-557-7394.
Note: The descriptions given here are only summaries and are subject to change.
Loan Options for 2011–2012 and 2012–2013