Thinking about taking out student loans to pay college costs?
Student's should determine whether borrowing is the best choice if needing additional funds for college. Consider these points before applying for a loan:
- Scholarships and grants may be available through the state student assistance agency in your home state.
- A number of computerized scholarship search services and financial aid reference materials are available in the IU Main Library.
- The IU Career Development Office offers comprehensive placement and counseling services for students interested in working part time, either on or off campus.
- If students receive other types of financial assistance, it may reduce their eligibility (or their parents' eligibility) for loans.
- Loans must be repaid. Some loans enter repayment shortly after the student drops below half-time, graduates or withdrawals from school and others enter repayment while the student is still enrolled in college.
- Loans must be repaid even if students do not complete their program of study or cannot find jobs immediately.
- Students who establish a poor history of educational loan repayment may damage their credit rating for other types of consumer loans.
- Remember, the federal maximum loan amounts are maximum limits for everyone who is eligible to borrow; the amounts are not related to your own personal earning potential. The maximum amount that students are eligible to borrow through one or more student loan programs may be more than they will be able to repay after leaving school.
consumer information
- Loan Facts
- Consolidation FAQ's
- Loan Considerations
- Loan Default
- Loan Repayment Information
- Reducing Loan Payments
- Right to Know