This fall I'm hoping to go back to school at a local community college, but doing so will mean I'll be forced to quit my current full-time job. I reapplied with UPS, and I have an interview tomorrow afternoon. Its a part time job, and I am fairly sure I will be rehired. This will, of course, mean that I will have to take a cut in income. Several friends have encouraged me to look into taking out a student loan through FAFSA and private lenders. From what I understand of the terms, I will not have to start paying back the loan until after I graduate, unless I withdraw from school. What are the important things I should know about taking out a student loan?