U of S: Student Loans

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Student Loans

Government Student Loans

Loan programs are intended to supplement the financial resources of students and their families. Government student loans are:

Interest free while you are in school. Interest starts to accrue immediately when you are done school.
Not expected to be repaid until six months after you stop going to school.
Granted on an individual basis. Application is not a guarantee of money.

Get more details

Online Resources for Government Student Loans

Student Lines of Credit & Bank Loans

A student line of credit gives you access to an agreed-upon amount of money, from which you can withdraw what you need, when you need it. Interest is paid only on the money you withdraw. A bank loan allows you to borrow an agreed-upon amount of money, but you pay interest on the entire amount.

When deciding to take out a line of credit or bank loan, remember:

You start paying interest right away, unlike a government student loan.
You will likely need a co-signer (parent/guardian) who will be responsible for paying back the loan if you are unable.
Do your research!
- Shop around to find a bank that offers the best package for you.
- Negotiate with your preferred bank to match the best offer from a competitor.
- Ask for a detailed explanation of the loan terms to ensure you undersatnd all the details, especially repayment terms.
- Talk about the interest rate and options for lowering it.