What you see is NOT what you get!
You think you're borrowing the right amount. But when the check arrives, you see it's less. What happened? Various players in the loan process charge administrative fees that are deducted from your loan proceeds (what you thought you were getting).

These fees vary by loan program and lender and include origination and insurance fees. You should inquire about the fees associated with each loan to avoid any unpleasant surprises.

What you get is NOT what you pay!
It seems simple: you borrow money, then you repay it. But the amount that you have to repay is more than the amount you borrowed. Why? Because of interest.

Interest is what lenders charge for the use of their money and to cover their costs for servicing your loan until it's paid in full. It's a function of the amount of your loan, the interest rate of your loan, and the total amount of time in which you repay the loan.

The interest rate is established when you receive your money. For federal student loans, the rate varies based on loan program and/or type. Interest rates for private loans vary among lenders and may be adjusted up or down based on the borrower's credit rating.

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