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Home > College Offices > Student Financial Services > Educational Financing
Educational Financing
Student Financial Services
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Options:
Tips for minimizing your need to borrow:
- Continue searching for scholarships.
Parents and Students should also check with employeers and community organizations as this can be a good source for scholarships.
- Enroll in the interest-free TuitionPay Monthly Payment Plan.
- Save money over the summer.
Tips for selecting an educational loan:
- Take out the maximum in federally guaranteed student loans. See more information on student loan maximum limits. Remember that any domestic student can borrow a Federal Direct Student Loan (FDSL) whether they are applying for other financial aid or not. All that is required is the Free Application for Federal Student Aid (FAFSA).
- Students whose parent has been denied a PLUS loan have two options; an additional unsubsidized student loan or getting an endorser for the PLUS loan (another relative who can pass the credit check and promise to repay if the parent can't).
- Focus on discounts that are impossible to lose. Learn more.
- When applying for a private loan, use a co-signer with a higher credit score to get the lowest rate possible.
- Don't apply for too many loans. Multiple loan applications will likely reduce your FICO score.
- Consider a lender who has a low rate, yet a narrow spread between the lowest and highest rates.
- Private Student Loan Comparison Chart on Finaid.org
Any off-site links above do not represent endorsement by Mount Holyoke College.
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