Question Bank

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What kind of financial aid options should I consider before private loans?: You should always investigate free money options, like grants and scholarships, first. Then maximize your federal loan borrowing options, such as the Federal Stafford Loan, before looking at private loans.
What will my interest rate be for a private loan?: Interest rates for private loans are usually based on an index (such as Prime or LIBOR) plus a margin. Your exact interest rate will depend upon your credit history and that of your co-borrower.
When do I have to pay back my student loans?: You will need to begin making payments on federal student loans six months after graduation, or as soon as you drop below half-time enrollment. Most private loans also require payments six months after graduation, but you’ll want to review your loan terms or contact your lender to be sure.
Is the interest on student loans tax deductible?: In many cases, interest on student loans is tax deductible. You can read about the student loan interest deduction on the IRS website by clicking here. Please consult your tax advisor for more information.