The Office of Student Financial Services typically awards enough financial aid to cover the entire Cost of Attendance. Financial aid award packages almost always consist of some type of loan. Students who prefer not to borrow money or who want to keep their borrowing to a minimum, often work instead. Ultimately, it's up to you to decide what is right for you. Consider all sources of income and borrow only what you think you'll need.

Loan Fees: Most lenders on our list of commonly used lenders no longer charge origination fees. This won't save you any money while in repayment, but you'll receive more money up front.

Principal Reductions: Some lenders will refund a percentage of your outstanding student loan balance either at the start of repayment or at designated milestones of repayment, such as 36 months or 48 months.

Interest Rate Reductions for Repayment: Some lenders will reduce the interest rate at the start of repayment or at designated milestones of repayment, such as 36 months or 48 months.

Interest Rate Reductions for using Automatic Payments: Some lenders will reduce the interest rate if you elect to repay your loan through pre-scheduled automatic bank debits. Although the reduction in interest rate varies, the reduction is typically 0.25%.

Forgiveness of Final Loan Payments: Some lenders will waive your final few payments and consider your loan paid in full. This benefit is not very common, and typically does not cover more than the last 6 months of payments.

When making a large purchase, you generally shop around until you find a good product for a reasonable price. Similarly, you should "shop" lenders until you find one who can disburse your loan funds to your school efficiently and accurately at a competitive cost. Lenders should always be available and able to answer your loan-related questions and concerns. Remember, your loans have to be repaid, so you want to select a lender who's accessible and easy to work with. Additionally, you may want to consider using a lender who will provide you with a greater range of services later, like checking accounts and future home or auto loans.

Lenders often advertise that they have the best loan product available. While this may be true, they may not be the right lender for you. To help you decide, use the following checklist:

• Dedicate some time to calling or e-mailing lenders.
• Ask them the following questions:
1. Do you charge loan fees?
2. What are your repayment benefits?
3. What do I have to do to receive these benefits and how are the benefits lost?
4. If I borrow $10,000 over my college career and I receive all these benefits, what will be the total dollar amount I will repay by the end of my 10-year repayment?
5. If I borrow $10,000 over my college career and I receive NONE of these benefits, what will be the total dollar amount I will repay by the end of my 10-year repayment?
• Compare the cost of your loan, the service you received, and any other advantages to using each lender you contacted.

In most cases, the ability to cancel loan payments and/or reduce interest accrual or principal requires that you make your payments on time. Students may lose advertised benefits if they miss payments.

If you consolidate your loans, you may lose benefits, or worse, be asked to pay back any benefits you received.