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Under Princeton’s financial aid policy student loans are not included in the initial fi nancial aid award. However, student loans are available to help cover expenses beyond the standard student budget, or to replace a shortfall in expected summer or term earnings for aid recipients. Non-aid students may also consider taking a loan to assume responsibility for a portion of their expenses. In addition, parents can borrow to help cover their share of Princeton’s costs. The following information is designed to help you decide if an education loan is right for you, and which type best meets your needs. If you or your parents feel it is necessary to borrow to help manage your Princeton expenses, we encourage you to speak to a financial aid counselor before making your final decision.

Advance-fee loan sharks are preying on unwary consumers, taking their money for t he prom i se of a loan or credit, and leaving them in hot water. The scam artists often impersonate legitimate lenders to entice consumers into falling for their bogus offer.

According to law enforcement agencies in the U.S. and Canada, ads and promotions for advancefee loans suggest — or even “guarantee” — that there’s a high likelihood that a loan will be approved, regardless of the applicant’s credit history. But to take advantage of the offer, the consumer has to pay a fee. The catch? The scam artist takes off with your fee, and the loan never materializes.

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years.

To encourage individuals to For More Information enter and remain in the teaching profession, the Teacher Loan Forgiveness Program grants loan forgiveness of up to $17,500 for teachers in certain specialties, and up to $5,000 for other teachers who teach for five years in low-income schools and meet other requirements.

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other fi nancial institution.

Direct Loans are:
■ Simple—You borrow directly from the federal government and have a single contact—the Direct Loan Servicing Center—for everything related to
the repayment of your loans, even if you receive Direct Loans at different schools.
■ Convenient—You’ll have online access to your Direct Loan account information 24 hours a day, 7 days a week.
■ Flexible—You can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.