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The facts about loans. 
Unlike scholarships or grants, loans must be paid back. However, you won’t have to repay most student loans until you’ve graduated from college.
Typically, student loans come with a maximum interest rate that is set by federal law. Keep in mind that you may be able to find an even lower rate by checking out multiple lenders.
Due to the ever-changing credit markets, we recommend that if you take a student or parent loan, you take the loan for the entire academic year. Should you decide you don’t need the additional funds you may cancel and/or return the loan proceeds.
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