An education loan is a form of financial aid that must be repaid, with interest. Grants, scholarships, work-study and other forms of gift aid typically cover the full cost of an education at Cypress College. However, some students find that they must supplement their savings with student loans.
The Cypress College Financial Aid Office strongly discourages students to borrow loans without first discussing their options with a Financial Aid Technician.
As a last resort to assist with your college costs, the Federal Family Educational Loan program offers lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education instead of high interest credit cards. You can also deduct up to $2,500 in student loan interest even if you don't itemize deductions on your income tax return.
Few students can afford to pay for college without some form of education financing. Two-thirds (65.7%) of 4-year undergraduate students graduate with some debt, and the average student loan debt among graduating seniors at four-year institutions is $19,237 (excluding PLUS Loans but including Stafford, Perkins, state, college and private loans), according to the 2003-2004 National Postsecondary Student Aid Study (NPSAS).