Managing your financial aid

Tips for evaluating your options

Before you borrow money to pay for school, make sure you understand your total cost of attendance, including tuition, fees, books and supplies, housing and food, and transportation, and see what your financial aid offer will cover.

Making decisions about student loans

If you’re offered loans as part of your financial aid, you can decide whether you want to accept the full amount, reduce the amount, or decline the loans. If you decide to reduce or decline your loans, be sure to do so before they post to your student account.

Be careful about borrowing

As a general rule, you should avoid borrowing more than you need each academic year. Even if you’re offered a large loan, you don’t have to accept the full amount. Responsible borrowing can make a big difference when it comes to repaying your student loans after you graduate.

Plan for the future and paying back your loans

Keep in mind that federal loans tend to have lower interest rates and better payment plans than private loans, so you may want to consider those over private loans. It’s also best to use loan money only for student expenses—not dinners out, shopping, or activities.

It’s okay to change your mind

If you have second thoughts after accepting your loans, you can cancel or reduce them up to 14 days after they are applied to your student account.

Get help if you need it

Not sure what to do with the loans you’ve been offered? Work with financial aid staff at your IU campus. They can walk you through your options and answer any questions you may have.