Borrowing Basics and Building Credit

Borrowing can help students and families cover college costs, but it is important to borrow carefully and understand the type and amount of loan being accepted. Building and maintaining good credit is also an important part of financial well-being during college and beyond. 

Use the resources in this section to learn more about borrowing decisions and how credit works. 

When considering loans, it is important to understand:

• How much is being borrowed
• Whether the loan is federal or private
• Whether the loan has interest or fees
• How much is truly needed before accepting the full loan amount​
  

Understanding borrowing early can support more informed borrowing decisions.

Learn About Federal Student Loans​

Credit Building

Building and maintaining good credit is an important part of students' financial well-being during college and beyond. Learning how credit works may help students make informed financial decisions and prepare for future responsibilities such as renting an apartment, financing a car or qualifying for other forms of credit. Use the resources below to understand and track credit.

Get familiar with how credit works and what impacts your score:

• Annual Credit Report
   Access your free credit reports from all three major credit bureaus.
• Credit Reports & Scores
   Learn how credit scores are calculated and how to improve them.
  

Free Credit Monitoring Tools

These platforms offer free access to your credit score, reports and ongoing monitoring:

• Credit Karma
   Track your score, receive alerts, and get personalized recommendations.
• WalletHub
   Monitor your credit and access tools to help you build and maintain a strong score.