Students and families have the option to make use of federal and private loans in order to help finance their education.
When considering your loan options, it is important to remember:
- Loans are obligations that must be repaid
- The amount you borrow now will affect your financial future and lifestyle
- Your inability to pay your loans back will affect your creditworthiness
The Financial Aid Office encourages families to plan ahead when it comes to borrowing loans and to choose their options carefully. Never borrow more than you need to!
All student loans, both federal and private, require new applications for each period of enrollment. For the Federal Direct Loans, the FAFSA serves as the application document. For private loans, apply directly with the lender. To reduce or cancel a loan, please contact the Financial Aid Office directly. Loans can be reduced or canceled at any time prior to the end of the semester for which the funds have been disbursed. Student and parent education loans pay directly to the student's account on the University's scheduled disbursement date, or within two weeks of certification, whichever is later.
Average Loan Debt
The average federal student loan debt for students, who began as freshmen and graduated between July 1, 2019, and June 30, 2020, is $24,231.