The 411 on Student Loans (Yes, You Have to Pay Them Back!)
The following short article is written to provide general advice about online education and degrees, not just information specific to WGU. If you have specific questions about WGU, feel free to inquire online or speak with an enrollment counselor (1-866-225-5948).
Completing just one Free Application for Federal Student Aid (FAFSA) allows students (and their parents or guardians) to apply for all varieties of student loans and other financial aid (e.g., Pell Grants). Federal student loans are true loans and must be repaid. However, there are a number of advantages to using student loans to pay for an affordable online college degree. Some primary features of federal student loans include the following noteworthy provisions.
- Low interest rates. The federal government continues to keep interest rates below market to permit all students to earn an on-campus or affordable online degree.
- Subsidized interest cost. After submitting your FAFSA, you may receive notification that some of your requested student loan amount will include subsidized interest. This means that the federal government will waive or eliminate the interest that is due during your student years. Interest on this portion of your student loan will only be charged during your repayment period.
- Deferred repayment. During your student years (as at least a half-time enrollee), no payments are due on your student loan(s). Repayment typically can be deferred until six months after you are no longer a student.
- Available for post-graduate education. These loans are not restricted to undergraduate programs. Federal student loans are also available should you choose to earn an affordable online master’s degree.
Student loans, even though they must be repaid in the future, are excellent tools to finance your tuition needs while you’re attending an affordable online school.