Education loans will probably make up a large portion of your financial aid package. And that represents a really great deal for you. Here are some reasons why:

• Education loans have low interest rates.
• Most of them let you wait until you leave school to start making payments.
• When you do start repayment, you'll get tax breaks on the interest.
• They count as good debt and can actually help your credit rating.

But most importantly, these loans help you get to graduation day without having to rely on high-interest loans from private banks or taking time off to save up tuition money.

Some loans—like Federal Direct Loans—are issued directly from the federal government to you. Others—for example, Federal Perkins Loans—are offered by NJIT in conjunction with the federal government. And still others—alternative loans that include parent PLUS loans, NJCLASS loans, and private loans—are issued by various lenders all over the country.

When you submit the FAFSA or Renewal FAFSA, you're automatically considered for education loans. But each type of loan has different eligibility requirements, repayment terms, interest rates, and maximum amounts.

To learn about the specifics of each type of loan, keep reading. And be sure to contact Student Financial Aid Services for answers to any questions you might have.