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Student Loans

Sometimes savings, grants, and scholarships do not cover the full cost of college attendance. Low-interest student loans are made available through the Federal Government and from private institutions such as banks to help make up the difference.

How do I apply for Private/Alternative Student Loans?

  • Private loans or alternative student loans should be considered a last resort.
  • Please utilize the Federal, state and institutional aid available before opting for private loans. This will help avoid excessive student loan debt.
  • Private loans require a credit check and a co-signer.
  • Interest rates are variable and typically higher than Federal loans.
  • A variety of lenders offer private student loans.

Remember: Unlike grants and scholarships, loans must be repaid once you leave college or are attending less that half-time.

There are many loan providers. It is best for students and families to do their research before applying for student loans.

The web site FinAid! provides a great introduction to the types of loans available to you and your familiy.

As always, USM Financial Aid Offices are a great source of help if you have questions about student loans.

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