Undergraduate Student Loans




What does it mean to have a student loan?

A student loan is money that you are borrowing and will have to pay back to the bank with interest.

Private Loans vs Federal Loans

Private Loans - the loans that are discussed below; you must obtain them from an outside company and pay them back to that company.

Federal Loans - money given to you by the government that you must pay back to the government with interest; different from grants.

Private Loans

Private loans are issued by a bank or financial institution and are determined on your personal financial information, such as credit score or that of a co-signer (someone who signs a loan agreement with you, like a parent or guardian). Here is a more in-depth article about private loans: https://www.salliemae.com/student-loans/private-student-loans/

  1. Talk to your bank to learn about potential private loans through them.

  2. Do online research or talk to your school to see what loans are most used and accepted.

  3. You're going to want to become familiar with financial terms and keep an eye out for certain aspects of private loans:

    • Is it a low or high interest rate?

    • Is there an application fee for the loan?

    • Can I personalize the repayment plan?

  4. Make the best decision on which private loan is for you and your finances - consider how much you have to borrow, how long it will take to repay them, and how much you could be making after college.

Possible Loan Providers

  • No application fee

  • Get cash rewards for good grades

  • In school or deferred repayment options

  • No application fee

  • Flexible payment on your terms

  • Easy Multi-Year approval

  • Repayment

    • 5, 10, 15 years

    • Full or interest only payments while in school OR defer until after school

What does it mean to defer a loan payment?

To defer a loan payment, it means to not start paying off your loans until after you have finished your schooling. Essentially it means to delay your repayments.