Accepting loans
For more information, see our step-by-step guide to accepting your award.
Your award letter lists all the financial aid you’re eligible to receive. You decide if, and how much, student loan debt you want to take on.
Anatomy of an award letter
Your award letter lets you take action and decide how much debt you are going to take. Make sure to only take what you need now and what you can pay back later. What amount will put you in your sweet spot? If you’re not sure, read how to plan loan amounts.
The loan amounts in your award offer are the amounts you qualify for, but not necessarily the amount you should take.
Modify loans in your award offer. When you decide on the amount to borrow, modify the amount and click submit. The amount will be divided by the number of terms on your award.
Example of an award offer
Types of loans:
- Subsidized Loan: the government pays the interest on subsidized loans while you are in school. You still have to pay this back, so only take the loan if you need it!
- Unsubsidized Loan: you pay the interest on unsubsidized loans, so they are more expensive than subsidized loans. Only take this loan if you absolutely, positively can’t live without it!
