<prompt> Human: So Im a junior in high school and Ive pretty much accepted that Im going to have student loans to pay off but I dont exactly understand the process of paying it back. Do you get a bill every month? Is there an interest rate? If there is whats the average? How long do you have to pay it back? Can you make late payments? Basically treat this like an explain like Im five post because I have 0 clue on how any of it works. I apologize if there has already been a thread about the subject.  <response>: The nonprofit where I work has a good in-depth guide to the basics -- goes over the kinds of loans and what theyre for.Taking out some loans is generally fine. Its better than dropping out, and its better than working 40 hours a week and not leaving any time to study and failing out. It is possible to borrow too much. Try not to do that.In general you and your family will pay for college with a combination of: Savings Scholarshipsgrantsgifts Money you and your family make while you are in school LoansThe first step in applying for financial aid is at Ask your school counselor, librarian, or rstudentloans for help if you get lost when applying. You will need your familys financial information. 