<p>Do most college students accept student loans? Of these students who accept student loans, do they have debts from their loans? Do we have to pay off all our debts in college by the time we graduate? I think I should apply for student loans in addition to financial aid and scholarships. My EFC is $0, so I really need to know how I can pay for college. Thanks everyone!</p>
<p>Lots of students take out loans. </p>
<p>Yes, students that take out loans will have debt.</p>
<p>Student loans do not have to be paid back by the time you graduate. Federal loans usually give you about 10 years for repayment.</p>
<p>The FAFSA application is how you apply for federal student loans, it is not a separate application. Schools will generally include loans as part of your financial aid (assuming full need is not met without loans).</p>
<p>OP, a loan by definition is a debt. You do have to pay it back, with interest. It is not a gift that is forgiven.</p>
<p>Generally speaking, for Stafford loans - you do not need to start paying until after you graduate - then you have 10 years to pay. If you are repaying a Parent Plus loan, or a private loan - payments start right away.</p>
<p>Most all US students can take out Stafford Direct loans in their own names with no credit check, upon successful completion of FAFSA (the basic financial aid application). There are exceptions, such as schools that do not take federal funds, but for the most part, a freshman is entitled to borrow up to $5500. The Cost of Attendance to the school has to be more than the loan and other scholarships (Pell grant excepted) and if you have demonstrated need, where the COA less EFC defines need, up to $3500 of the Stafford can be subsidized.</p>
<p>The way it usually works is when you apply to a college and also apply for financial aid, the college witll automatically give you the federal amounts to which you are guaranteed which are the PELLS (up to $5600) and the Staffords. Those are the building blocks on which the other aid is usually placed, if there is even any other aid. Most schools do not guarantee to meet full need,and rarely do so. </p>
<p>When it comes to student loans, the Staffords are all that you are guaranteed to get. Schools might also give out other loans they have available, or direct your parents to the parent loan program, PLUS. Those are not guaranteed to get loans in that there is a credit check involved. There are also private student loans that require a cosigner, really someone on the hook with good credit and both of you will be equally responsible with the loan on both credit reports, but again you have to qualify by the lender’s standards to get that money.</p>
<p>It’s not a good idea to borrow much, as college students find that getting a job sufficient to be meet ones needs after school is difficult enough without the loan monkey on your back as well. With a family EFC of zero, it’s not an additional burden you want to add to your parents, and they may be unable to deal with it either. So, careful consideration of taking out loans should be made. There are too many out there in a lot of trouble over their student loans along with their parents.</p>