Loans For Undergraduate Students
Families may be seeing reports in the media which speculate about the impact of the subprime mortgage credit crisis on the availability of students loans. Please review the information in this section for more information
- Student Loans: Avoiding Deceptive Offers - please review this important information from the Federal Trade Commission and the Department of Education .
Federal Family Education Loan Programs
Federal Perkins Loan Program
Satisfactory Academic Progress Standards for Federal Loans
Private Alternative Loan Programs
Private alternative loan programs have grown in popularity in recent years.For more information, see our section on Undergraduate Alternative Loan Programs .
An Important Resource for Borrowers:
The Project on Student Debt works to increase public understanding of the implications of the use of increased borrowing to finance higher education costs. Recognizing that loans play a critical role in making college possible, the Project's goal is to identify cost-effective solutions that expand educational opportunity, protect family financial security, and advance economic competitiveness.
How Much Will I Need to Borrow ?
You can find tuition and related charges on the website of the Office of Student Finance. You will also find a worksheet that will help you calculate what you will owe after all of your financial aid has been credited to your account.
Be sure to consider the option of the monthly budget plans to help you minimize your overall loan debt. Tuition Management System's Borrow Smart Program will help you work through the benefits of various financing options.
Keep In Mind You Must Repay Your Loans !
Students should make every reasonable attempt to minimize the amount that they borrow. A good "rule of thumb" is to borrow only what you need. Check the section on Managing Your Finances for online resources to help you in budgeting, especially while you are in school. You don't want to have to "live like a student" after you graduate.
- Keep track of all your federal student loans by utilizing the National Student Loan Data System for Students
- If you have trouble making your education loan payments, contact immediately the organization that services your loan. You might qualify for a defermentt, forbearance, or other form of payment relief.
- Students who chose to serve in the Peace Corps, under the Domestic Volunteer Services Act,or as a volunteer for a tax exempt organization of "demonstrated effectiveness in the field of community service" may also be eligible for a deferment.
How Much Will You Earn After Graduation?
This Career Voyages web site is the result of a collaboration between the U.S. Department of Labor and the U.S. Department of Education . It is designed to provide information on high growth, in-demand occupations along with the skills and education needed to attain those jobs.
Check the section on Managing Debt After Graduation for information and resources available to you once you leave Loyola University New Orleans.