Updated: Apr 20, 2022
Many students find that they will need outside funding to help pay for their college education. Student loans are one source of money to help cover college costs. Here are four important steps to take before you commit to a student loan:
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The Free Application for Federal Student Aid (FAFSA) is used by the US Department of Education to determine if you are eligible for grants, federal student loans or work-study programs to help pay for school.
Before you decide whether you'll need to take out a student loan, you need to understand how much your college expenses are going to be. Ask your school if they have any resources to help you budget or use an online tool like our Loan Amount Calculator to estimate how much you may need to borrow.
If you still need a student loan, do your research and compare loan terms, including interest rates, repayment options and borrower benefits.
FAFSA® is a registered trademark of the US Department of Education and is not affiliated with Discover® Student Loans.