Student Loans
Understand the differences between federal and private student loans and how they can help you pay for college.
Debunking Myths About Student Loans
The student loan that you take out will be with you for the next several years. Learn more about borrowing and repayment so you can choose wisely.
Should You Accept All the Federal Student Loans You're Offered?
7 Things I Wish I'd Known Before I Borrowed Student Loans
Private Student Loans: Your Complete Guide
Federal Student Loans: Your Complete Guide
Evaluating Student Loans 101
To Cosign or Not to Cosign? Your Questions Answered
6 Things I Wish I Knew Before I Chose a Private Student Loan
Your Student Loan Questions: Answered
Compare Private Student Loans
How to Find a Cosigner If Your Parents Aren't an Option
How to Keep the Cost of Borrowing For College Down
Quiz: How Well Do You Understand Private Loans?
The Parent’s Guide to Cosigning a Private Student Loan
Loan Calculators
Show all calculatorsFrequently Asked Questions
Financial aid is money that helps cover the cost of college, including tuition and room and board. It can take the form of scholarships and grants (which don’t need to be repaid), loans (which do need to be repaid), and work-study. Financial aid may include federal financial aid or aid from the college or university. While some aid is based on income, some is merit-based. The first step in applying for aid is filling out the FAFSA® (Free Application for Federal Student Aid) and looking for scholarship opportunities.
Student loans are often the catchall term to describe any financial assistance that needs to be repaid. This includes federal loans, as well as private loans. Private student loans may be an option to help cover remaining college expenses, but they are not part of the FAFSA and may not be listed as part of your award letter.
Scholarships are awarded on a national, regional, and local level. There also may be scholarships distributed by your college. The best way to find scholarships is to search and apply for scholarships that match your criteria. While some scholarships are merit-based, not all are. For example, you can enter to win a $5,000 Discover® Student Loans Scholarship Award with no required GPA, essay, or lengthy application
A merit scholarship is awarded on merit (grades, special skills, or achievements) and not solely based on financial need. Merit scholarships are commonly awarded for academic excellence, but not always. Merit scholarships may also be awarded for athletic ability, artistic ability, and more.
It’s possible to pay for college without the financial support of your parents. But even if you’re paying for college independently, you may need to include your parent’s information on the FAFSA. Applying for financial aid, considering community college, and applying for scholarships can all help you cover college costs independently.
Since most people qualify for some aid, it is a good idea to fill out the FAFSA even if you don’t think your family will qualify for financial aid. Some aid is first come, first served, so be sure to fill out the FAFSA as soon as it’s available.