By accepting loan money, you are putting yourself in debt and you must plan to repay it. It may take you many years after graduation to pay this debt back. You may want to continue your studies in graduate school after graduation so you must decide how much debt you can afford. Also, if you have difficulties repaying the loan, your wages could be garnisheed and you risk being denied credit cards or other loans. You must assess these factors and more to determine what is in your best interests in both the short and long run.
Loans vary in all of the above criteria.
Interest rates vary, there may or may not be origination fees, payback can start immediately or be deferred, the federal government might pay the interest on some loans, and terms vary greatly. Both student and cosigner must understand the consequences of taking a loan. Evaluate carefully what you will need and take the minimum amount of loan you can. You would be wise to ask your lender for a sample of monthly repayment schedules to assess your ability to pay. Over 51 percent of all financial aid is given in the form of a loan from the federal government.