Student Loans
Student loans are a form of that students can use to bridge the gap between the direct charges and the gift-aid that they have been awarded. Borrowing student loans is completely optional, and you are encouraged to discuss with Moravian’s Office of Financial Aid Services your options and rights as a potential student loan borrower. Be sure to review Moravian’s Student Loan Code of Conduct.
Understanding the Difference Between Federal and Private Student Loans
When financing your education, it’s important to know that borrowing is never required—there are many resources available to help make college affordable. However, if you do choose to take out student loans, understanding your options can help you make the best decision for your future. Federal student loans, funded by the U.S. government, typically offer lower fixed interest rates, flexible repayment plans, and borrower protections such as deferment, forbearance, and loan forgiveness programs. These loans do not require a credit check (except for PLUS loans) and often provide students with the most manageable repayment options.
Private student loans, offered by banks, credit unions, and other lenders, can help bridge the gap if additional funding is needed. However, they usually have varying interest rates based on creditworthiness and may not offer the same flexible repayment options as federal loans. While private loans can be useful in certain situations, students are encouraged to explore federal options first.
Remember, borrowing is a personal choice, and we’re here to help you explore all available resources, including scholarships, grants, and work-study opportunities, so you can make informed decisions about funding your education. You can decline some or all loan amounts offered to you.
Below, you will find information on different types of student loan options to explore.