College is an important investment, but expenses can add up quickly. Many rely on student loans to pay for costs like room and board in addition to tuition, but figuring out which loans to apply for and navigating through the application process may seem daunting. TruWest wants to make sure you have access to information that will help make the process easier so you can concentrate on learning rather than on worrying about how you will pay for your education. Check out the information below designed to help you better understand the world of student loans.
Federal or Private Loans
It is important to know which type of loan is right for you. Do you value lower interest rates or is payment flexibility more important to you? Federal loans typically offer lower interest rates while private loans provide greater payment flexibility. Qualification guidelines may differ between government and private loans, so research both options to determine which loans best suit your needs. Learn more about federal and private student loans by clicking on the links below.
Federal Student Loan Information
Private Student Loan Information - SallieMae
PLUS Loans are designed for graduate students and parents to provide assistance for educational expenses. Click here to read more about PLUS Loans.
Student Loans and Taxes
Did you know that the interest you pay on student loans may be tax deductible.* The IRS provides information about deducting student loan interest from your taxable income. Click here to read more!
Pell Grants are used to cover college expenses, but unlike loans which have to be repaid, Pell Grants require no repayment. Click here for more details.
Repaying Student Loans
Even before you graduate it’s a good idea to consider how you will repay your loans. From determining your monthly payment to finding out if you can repay online or by mail, checking with your school’s financial aid office is a good place to start. For additional information, visit the links below.
SallieMae Loan Repayment
Federal Loan Repayment
* Consult your tax advisor
FAFSA (Free Application for Federal Student Aid)
A Parent's Guide to Financial Aid
Repaying Student Loans (PDF)
Student Loan Calculator