If your financial aid award package

includes an education loan, you are responsible for applying for the loan. Instructions are generally provided with the award letter.

Even if an education loan is not a part of your financial aid award, you may get a loan if you cannot meet the Expected Family Contribution (EFC) from your savings or current income.

Loans have made higher education possible for millions of students, but you should consider your options carefully before borrowing and limit borrowing to only the amount necessary.

Borrow wisely

Don't borrow more than you need. Every dollar you do not borrow is a dollar you do not have to pay back.

Before borrowing

Choose the lender that best fits your needs.

Students who attend colleges participating in the Federal Family Education Loan Program (FFELP) and parents taking Parent Loans for Undergraduate Students (PLUS) loans may choose from among a variety of lenders.

Discover what to consider when selecting a lender.