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What is a Student Loan?

If you need financial support to pay your tuition amounts in full on time, a student loan will help you cover your payments. In essence, you are borrowing money for a predetermined time – money that must be repaid, with interest, on scheduled payment dates.

What are the different types of Student Loans available?

The U.S. Department of Education offers three types of student loans through the Direct Loan ProgramSM:

Direct Stafford Loans

Direct Stafford Loans are low-interest loans available to eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career or technical school. There are two types of Direct Stafford Loans:

Direct PLUS Loans

Parents of dependent students may apply for a Direct PLUS Loan to help cover the cost of their child's tuition expenses.

Direct Consolidation Loans

A Direct Consolidation Loan allows you to combine multiple federal student loans into one loan, to lower your total monthly payment and simplify the process.

What happens if I can't repay my Student Loan?

Failure to pay your loan on time may result in additional charges and/or serious consequences. If you anticipate difficulty in meeting your loan payments, contact your loan holder immediately. Your loan holder may be able to offer an alternative payment arrangement through forbearance or deferment to temporarily suspend or reduce your payments.

Speak with a Representative about various loan repayment options.

Apply for Forbearance to temporarily lower or postpone your payments.

Apply for Deferment to temporarily suspend your regular payments.