When do I have to start making payments?.Questions you may be asking yourself include: This becomes increasingly important during your last year of school when you consider employment and/or residency options. If you have eligibility to apply for an alternative loan, your award letter will have more information on what to consider or questions to ask potential lenders when choosing an alternative loan.Īs you continue your education and borrow federal student loans to help cover your investment, it’s important to understand your repayment options. OHSU does not suggest or recommend specific lenders for alternative loans. It is important to note that alternative student loans do not have the same repayment and cancellation options that are available for federal student loans. Department of Education chart shows the main differences between federal and alternative (private) student loans. Interest rates, fees, repayment plans and terms vary from lender to lender so before you complete an alternative loan application, you should clearly understand the terms and conditions of the loan which can be found by reviewing the application and/or promissory note.
For graduate students, if you have eligibility you will be given information on both federal Direct Graduate PLUS loans and alternative loans.Īlternative loans require a separate application and the lender will conduct a credit check to determine if you qualify.
Paying the interest on your federal student loans before they enter repayment will prevent capitalization – or having your loan balance grow because unpaid interest is added to the principal balance of the loan.Īn alternative loan is a loan that is borrowed through a bank or corporate lender, which is meant to bridge the gap between awarded student aid and your cost of attendance, covering part or all of your unmet need.
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If you do accept the full award up to your cost of attendance, you always have the option to return unused funds. It’s no secret that scholarships take work – but they’re worth the effort! Getting a $1,000 scholarship today seems small, but it could save you hundreds of dollars in accrued loan interest. Explore ALL options for financing your education, especially scholarships.This is a very valuable and comprehensive guide that explains financial aid at OHSU and acquaints you with the terms and conditions of assistance, specifically covering OHSU financial aid application procedures, the awarding process, types of financial aid, federal and institutional policies, and student rights & responsibilities.Īs you navigate the world of financial aid, here are some tips: OHSU’s Registrar and Financial Aid Office publishes “ S tudent Financial Aid Explained” annually, which you can find here. If you need investment, legal, insurance, and/or tax advice, please consult with one of these professionals.
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The information provided is for general educational purposes only and is not intended to substitute professional advice of your investment, legal and/or tax advisors or to be the basis of specific financial-related activities. We do not provide investment, legal, insurance, or tax advice. While we can provide information, resources, and guidance, we are not financial advisors or accountants. OHSU’s Educational Debt Counseling and Financial Management Program is an educational service only. Schedule your one-on-one appointment today with Janna McKay, Educational Debt Counseling and Financial Management Program Manager, at or 50. We are here to help you better understand all of it and support you in creating a successful, personalized plan that cultivates confidence and financial wellbeing. We recognize that our website is comprehensive and there is a lot of information that may be overwhelming.