Syracuse University

Financial Aid Loans

Questions to Ask Before Borrowing an Alternative Loan

What is the interest rate?
Is it fixed or variable, and how is it determined?
How often is the interest rate adjusted?
How much are the origination fees and how are they charged?
Will I have to pay interest while enrolled in school?
When does the interest start to accrue, and will it be capitalized?
What are the minimum and maximum loan limits?
Under what circumstances would a co-signer be required?

When does repayment start?
Is there a grace period before repayment begins?
Can I defer repayment of the loan if I go to graduate school?
What is the monthly minimum payment?
What is the maximum repayment period?
Am I allowed to pay the interest while in school?
Are there any loan repayment benefits or reductions?
If so, will they remain if a future payment is late?
Is the loan eligible for consolidation?

How are the loan proceeds disbursed?
Must I establish financial need for the loan?
Do you sell your loans?
If so, do the benefits go with them?
Under what conditions would I qualify for cancellation, discharge, or forgiveness of the loan?
Does the lender provide a toll-free phone number or website to ask questions as they arise?
Do you apply any penalties or charges for pre-payments or early payoff?



Educational Loan Calculator

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