LAKERS TOGETHER: Grand Valley is preparing for successful learning experiences when classes resume on Aug. 31. Learn more about the plan for fall in this handbook.
Financial aid is essentially money used to pay for College. Financial Aid is defined as funding provided to students and families to help pay for postsecondary education and educationally related expenses. It is NOT money used for wants, shopping sprees, buying a car, partying, spring break trips, etc. Keys to understanding how to finance your education are realizing the cost of attendance, understanding loans, understanding your financial aid package, knowing how much you owe, and developing a plan to repay student loans.
In some ways, of course, all loans are alike. You borrow money, called the principal, and agree to pay it back over a specific term, or length of time, with interest. But the conditions of the loan, some of which are listed below, can affect how much you can borrow and how much the loan will cost you.
The most common loan types are:
Student loans are a good investment in your future. It’s a good idea to keep your borrowing to a minimum. Borrow only what you need to cover necessary expenses, not extras. To lower your monthly payments, pay interest while in school or in your grace period. Unpaid interest is added to your loan balance (capitalized) when you enter repayment.
Do you know how much Student Loan Debt you have? The best place to find your complete loan history of federal loans borrowed is at the National Student Loan Data System (NSLDS) website. In addition to loan history, contact information is provided for the servicer that holds your loan. To access NSLDS click here.