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Student loans are borrowed money that must be repaid, with interest, just like car loans and mortgages. The more you borrow, the higher your monthly payments will be after you finish your degree or certificate. You will have to repay your student loans even if you do not finish your program or graduate.
Education loans from different sources have varying terms (e.g., interest rates, repayment plans, fees and credit worthiness requirements). Federal Direct Stafford Loans have no credit worthiness or cosigner requirements, and the interest rates are generally lower than for other types of loans. Private educational loans, also known as “alternative” loans, generally require good credit scores and have higher interest rates.As part of a good strategy in financing your education, you should always check your eligibility for federal student loans before applying for private loans. You must complete the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for Direct Stafford Loans.Community college costs are generally much lower than those at universities. Even though you may need additional help from student loans to pay for your costs at the colleges of DCCCD, you should always borrow conservatively. Student loan programs have aggregate limits (total amounts for your college career) that you can borrow. If you borrow too much at the community college level, you may run out of eligibility to borrow before you can complete a higher-level degree.
Visit StudentLoans.gov for more helpful information about loans.