Financial Literacy Portal: Understanding Student Loans

Understanding Student Loans

After determining how much money you have available through savings, scholarships or grants, and work-study opportunities, you’ll need to consider your student loan options. But what options are best for you? And how much should you borrow? These resources can help you make that decision.

  • What to Know about Student Loans
    • There are different types of student loans with varying implications for repayment during and after college. Understanding these differences can have a large impact on your financial well-being for many years. The resources provided here will help you determine what is right for you and just how much you should borrow.
  • 4 Important Facts to Know about Student Loan Interest
    • When you borrow money, it costs more than just the total amount you’ve borrowed. You have to factor in interest rates, fees, and your repayment schedule. Be sure you understand the extra costs associated with borrowing before making decisions about student loans.
  • How Much Interest Will You Owe?
    • Use this accrued interest calculator to see how interest will affect your loan balance. It is important to consider this when determining how much to borrow for higher education.
  • Useful Tips: Repaying your student loans
    • This helpful PDF from Sallie Mae outlines strategies for repaying student loans from setting up automatic payments to tracking monthly expenses. Useful definitions and monthly payment estimates are also included.


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