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OfflineAlmond Flour
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Registered: 12/26/08
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Unsubsidized loans?????
    #15187700 - 10/06/11 07:14 PM (9 years, 7 months ago)

What you think guys? Is it smart to be paranoid, or should I just grab the money while I can? Ive been in school for a couple years only taking out subsidized loans, but now that my son is about to be born and we are going to have to relocate.....Im hesitant on if I should accept them or not.


Should I just avoid them at all cost to avoid interest?


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Hippies and Liberals love Pope Francis, so why dont I quote him for you guys. "There is NO SALVATION outside the Catholic Church" :morningtoke:


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OfflineMisterPink
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Re: Unsubsidized loans????? [Re: Almond Flour]
    #15187982 - 10/06/11 08:07 PM (9 years, 7 months ago)

Well do you need the extra money from an unsub'd loan, or would the amount offered through subsidized meet your projected costs for the year? As a rule it is better to max out subsidized before you dip into the unsubsidized.

FWIW I had to primarily take out unsubsidized loans, because there just wasn't that much subsidized cash offered to me. It wasn't the end of the world. I borrowed around 7k, and ended up paying a few hundred dollars of interest on the unsub'd that I otherwise wouldn't have had to pay.

The later in your college career you are, the less of an impact sub/vs unsub makes.

Better question might be, are you studying in a field that you will be able to pay down your debt quickly upon graduation?


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OfflineAlmond Flour
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Re: Unsubsidized loans????? [Re: MisterPink]
    #15187995 - 10/06/11 08:09 PM (9 years, 7 months ago)

Quote:

MisterPink said:
Well do you need the extra money from an unsub'd loan, or would the amount offered through subsidized meet your projected costs for the year? As a rule it is better to max out subsidized before you dip into the unsubsidized.

FWIW I had to primarily take out unsubsidized loans, because there just wasn't that much subsidized cash offered to me. It wasn't the end of the world. I borrowed around 7k, and ended up paying a few hundred dollars of interest on the unsub'd that I otherwise wouldn't have had to pay.

The later in your college career you are, the less of an impact sub/vs unsub makes.

Better question might be, are you studying in a field that you will be able to pay down your debt quickly upon graduation?





No....im majoring in Music :lol: However I am a Junior in college so hopefully ill be done sooner than later


--------------------
Hippies and Liberals love Pope Francis, so why dont I quote him for you guys. "There is NO SALVATION outside the Catholic Church" :morningtoke:


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OfflineMisterPink
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Re: Unsubsidized loans????? [Re: MisterPink]
    #15187998 - 10/06/11 08:10 PM (9 years, 7 months ago)

Oh and you will almost always get a better rate from uncle sam as opposed to a private lender. Typically, you should avoid private student loans like the plague.


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OfflineAlmond Flour
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Re: Unsubsidized loans????? [Re: MisterPink]
    #15188030 - 10/06/11 08:16 PM (9 years, 7 months ago)

Quote:

MisterPink said:
Oh and you will almost always get a better rate from uncle sam as opposed to a private lender. Typically, you should avoid private student loans like the plague.





Ya All my loans are from the federal government....so thats a sigh of relief (ironically :strokebeard:).

Maybe I should just go for it. Especially since I need to relocate soon, it will be allot easier with money. Whats the interest rate for unsubsidized on a federal level


--------------------
Hippies and Liberals love Pope Francis, so why dont I quote him for you guys. "There is NO SALVATION outside the Catholic Church" :morningtoke:


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InvisibleMr. Bojangles
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Re: Unsubsidized loans????? [Re: Almond Flour]
    #15188544 - 10/06/11 09:41 PM (9 years, 7 months ago)

Quote:

Oh and you will almost always get a better rate from uncle sam as opposed to a private lender. Typically, you should avoid private student loans like the plague.




Yeah try to get a Stafford Unsubsidized loan, if you can.


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"It is dangerous to be right in matters on which the established authorities are wrong."

Francois-Marie Arouet


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OfflineAlmond Flour
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Registered: 12/26/08
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Re: Unsubsidized loans????? [Re: Mr. Bojangles]
    #15188594 - 10/06/11 09:49 PM (9 years, 7 months ago)

http://www.direct.ed.gov/calc.html

Im confused....how much interest will I be paying? 6.8? or the 3% one?


--------------------
Hippies and Liberals love Pope Francis, so why dont I quote him for you guys. "There is NO SALVATION outside the Catholic Church" :morningtoke:


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OfflineGroovy Grant
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Re: Unsubsidized loans????? [Re: Almond Flour]
    #15199183 - 10/09/11 09:17 AM (9 years, 7 months ago)

7/1/11–6/30/12 3.40%

That means for money used for school during the school year 7/1/11 to 6/30/12. If it's after 6/30/12 that you'll be needing the money, they haven't published the interest rate yet.


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