{"id":28,"date":"2022-08-23T11:11:48","date_gmt":"2022-08-23T16:11:48","guid":{"rendered":"https:\/\/live-wsu.pantheonsite.io\/financial-aid\/student-loans\/"},"modified":"2023-05-23T08:50:32","modified_gmt":"2023-05-23T13:50:32","slug":"student-loans","status":"publish","type":"page","link":"https:\/\/www.winona.edu\/financial-aid\/paying-for-college\/student-loans\/","title":{"rendered":"Student Loans"},"content":{"rendered":"\n

Student loans allow you to spread the cost of education over time. Loans can serve an important role in your plan to pay for college.<\/p>\n\n\n\n

Loans are available from the state and federal as well as private lenders.<\/p>\n\n\n\n

When you take out a student loan, you must pay it back\u2014even if you don’t complete your education.<\/strong><\/p>\n\n\n\n

You should explore scholarships<\/a>, grants<\/a>, and part-time work<\/a> to pay for college before you turn to student loans.
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If you do need student loans, that\u2019s ok too. Student loans don\u2019t have to be an overwhelming burden if you borrow only what you need and follow a plan to pay them back.<\/p>\n\n\n\n

Your financial aid award letter will list the federal loans that you’re eligible for. You may also see an \u201coptional loan program limit\u201d on your award letter.<\/p>\n\n\n\n

If you need additional loan funds beyond your federal amounts, you may apply for an optional loan up to this stated limit.<\/p>\n\n\n\n

You can accept any or all the federal loans you’re offered. You can also choose whether to take out the full loan amount or just part of the money you could borrow.<\/p>\n\n\n\n

Before your federal loans are processed, all first-time borrowers must complete the Master Promissory Note (MPN)<\/a> and entrance counseling<\/a>.<\/p>\n\n\n\n

Types of Student Loans<\/h2>\n\n\n
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