Unlike scholarships or grants, loans must be paid back. However, you won't have to repay most student loans until you've graduated from college.
Typically, student loans come with a maximum interest rate that is set by federal law. Keep in mind that you may be able to find an even lower rate by checking out multiple lenders.
Due to the ever-changing credit markets, we recommend that if you take a student or parent loan, you take the loan for the entire academic year. Should you decide you don't need the additional funds you may cancel and/or return the loan proceeds.
Learn more about the different types of loans available.
Each student who receives a loan for the first time at Albion must complete loan entrance counseling. Loan funds cannot be released until this requirement has been met.
Entrance counseling can be completed by visiting StudentLoans.gov.
Repaying Your Loans
Concerned about how much your loan payments might be? Wondering if you'll earn enough with your choosen major? Explore your repayment options with the Repayment Estimator or learn how your projected income compares to your projected loan payment with the Undergraduate Student Loan Calculator.