How do loans affect my financial aid eligibility?

How do loans affect my financial aid eligibility?

Loans can impact your financial aid eligibility depending on the type of aid you receive. Federal loans may not affect your eligibility, but private loans could.

What types of loans should I be aware of?

You should be aware of federal student loans, private loans, and PLUS loans. Each has different implications for financial aid.

Can taking out a loan reduce my grants?

Yes, taking out a loan can potentially reduce your grant eligibility, especially if your total financial aid package exceeds your need.

What should I do if I need more financial aid?

If you need more financial aid, consider appealing your financial aid package, applying for scholarships, or exploring additional loan options.

Are there any alternatives to loans?

Yes, alternatives to loans include scholarships, grants, work-study programs, and payment plans offered by your school.