Loans

Money you borrow that you have to pay back later. This is generally the last resort due to interest, which is money that you have to pay back IN ADDITION to the principal (original amount) in order to fully pay back the loan. 

Subsidized = Sweet (Interest is covered by government until you graduate)

Unsubsidized = Unsweet (Interest accrues from the point you take the loan out)

If you are going to take a loan out, aim for the subsidized ones first if at all possible.

What else you can do depends on your situation entirely.

• Double check your FAFSA responses. Is your FAFSA 100% correct to your knowledge? 

• Is your award letter 100% correct?

• Is there a circumstance that isn't reflected in your FAFSA (death of income provider, drastically lower income with a recent job change, etc.?) You might be able to file an appeal! Writing Financial Aid Appeal

• Continue to look at scholarship resources both outside and within the institution you plan on enrolling into. SCHOLARSHIPS

• Are you planning to work/able to work while you go to school? It wouldn't solve the immediate issue if you go with a Work Study (doesn't apply to first semester of your first year typically), but it would help with paying off the loan as you are going through school and potentially help with future semesters.

No! You have to accept the loan at the institution you plan to enroll into in order to take it out.

No! In fact, it is better to have a final decision first, then consider if the loan is needed or not. 

Not necessarily! If there isn't an option to change the amount, talk with the financial aid office at the college you are enrolling into in order to see if it would be possible to take out less

It is possible. Talk with the financial aid office at the institution you are enrolling into to see how taking out the loan would impact your financial aid. 

You will need to accept the loan in your award letter. It is usually located in your student portal with one of the financial aid tabs.

Because it is the first loan you are taking through the institution, there will also usually be Entrance Counseling (education on taking the loan) and the signing of a Master Promissory Note (legal document you sign to say you will pay the loan back along with further details on the terms and conditions of the loan as well)- Both of those things (or other college versions of them) are REQUIRED in order to be able to take out and receive the loan.

Theoretically, yes, you could. However, if you decide to go that route, do intensive research on the company and the loan conditions before agreeing to anything. 

Some colleges do have other sources for taking a look at other loan lenders, however, it is still imperitive to learn as much as you can about what you are about to borrow before you borrow it. 

I would consider this route as the absolute last resort behind taking out a federal loan.