Available Federal Loans at Duke University
As of 2010, the annual cost of attendance at Duke University totals to $53,265. Tuition is worth $38,741. The rest of the total cost of attendance is allotted to books, room and board, supplies and other fees. Rooming and boarding on campus is actually less expensive than living in a rented place elsewhere. Not only that, it is also more conducive to learning. Unfortunately, the cost is still too high especially for families with household incomes of $100,000 or less a year. The university also recognizes this.
Federal loans
So why does some universities discourage student loans? Actually, they do not really discourage all student loans. They just want students and their families to be more aware of the consequences of borrowing money. Student loans need to be repaid. The payment is the product of the total cost of education at Duke University and the interest rate. Outside private institutions tend to charge higher interest rates than the university itself or government-issued loans. Students from low-income families are already experiencing a lot of financial pressure. If they loan money for their education, they will be facing a similar financial situation or worse when it is time to pay back.
Not all loans have very difficult payment terms. Federal and state loans have fixed interest rates. They also can be paid six months after graduation. By then, the student could have already adjusted financially with employment to back him or her up. You can apply for federal loans via Duke University by filling out a Free Application for Federal Student Aid (FAFSA) form and submitting it at Duke’s prescribed deadline.
It can be scary to borrow money, especially if there is interest involved. However, if you want to be educated at one of the best schools in the country, you just have to take the risk. After all, a good education is always worth it, as this is an excellent investment.