Borrow Wisely

Although student loans are a convenient source of funding for your education, it is important to budget and borrow carefully.

  • Consider ways to keep your costs down to reduce student loan debt.
  • Borrow only what you need.
  • Keep track of your loan debt and the amount you will have to repay when you graduate.

Take very seriously the responsibility of borrowing and repaying an educational loan.

  • Read and understand the terms and conditions on your promissory note. You are agreeing to repay the loan with all accrued and capitalized interest and deducted fees.
  • It is your responsibility to read and keep all your records and contact your lender regarding any changes in your status as a student.
  • You are obligated to repay your loan regardless of whether you complete your education, are satisfied with your education, or are able to find a job.

How conscientiously you make payments on your student loan will affect your ability to borrow for a car, a house, or other purchases in the future.  If you are late with your student loan payments, it will have a negative effect on your credit history. On the other hand, repaying your student loan on time can help you establish and maintain an excellent credit history.