Loans are another option you have to help pay for your college expenses. They must be repaid. You may wish to consider federal and/or private loans.
Federal loans are funded by the federal government. There are federal loan options for undergraduate and graduate students, as well as parents of dependent undergraduates. You can apply for federal loans with the Free Application for Federal Student Aid (FAFSA). There are limits on the amount of federal loans you can take out.
Private loans are funded by financial institutions and may cost more than federal loans. You must apply for a private loan with its lender. We recommend that you thoroughly research various private loan options, such as home equity or personal loans in addition to private student loans.