Debt Management

It is unfortunate that we are unable to guarantee non-loan financial assistance to everyone. In fact, many students receive awards that include both free and repayable funds. Still others are eligible only for loan programs. In all cases, the Student Financial Aid Office strives to help students graduate with the smallest debt possible.

When accepting loans, we want you to become an active partner in achieving that goal. Take the time to read and learn your rights and responsibilities when you sign a promissory note for any loan. Remember that you are signing a legal document.

Promissory notes detailing the terms of your loan and disclosure statements showing the loan amounts guaranteed provide valuable information on determining your loan repayment schedule. Keep copies of these important documents together in a file.

BORROW ONLY WHAT YOU NEED
Your education is an investment in your future. But are you borrowing to pay for an education or a lifestyle while in college?

Borrow only the amount of loan that you need. Federal Stafford and PLUS Loans are offered at maximum levels in order for you to know your full eligibility. Before accepting loans on your Award Offer, determine what you truly need to cover your expenses. What expenses can you cover from other aid sources? From savings? From part-time employment? From other resources? Also, what expenses can you reduce or eliminate?

Accepting loan money can be easy. Repaying it can be more difficult. It is helpful, when considering how much to borrow, to examine what you can reasonably expect to repay upon the completion of your academic career. Think about what other expenses and debt you will have as you begin your first job. Credit cards are part of this debt.

Exit counseling is required any time a student borrower takes a break from enrollment or graduate. However, some students complete the exit counseling process while still enrolled simply to be reminded of key issues surrounding their student loans.

Life is full of choices. Living more frugally when in college can allow you to graduate with less debt. It is far easier to reduce expenses than increase income. Understand how the spending choices made in college can follow you for many years to come.

We understand that you may have to borrow to pay for your education. Most students do. Just use sound judgment with an eye on the future.

Great Lakes offers students excellent Web tools on personal financial management.

Students can also track their loan borrowing via the National Student Loan Data System (NSLDS).