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Almond Flour
...get off my lawn!



Registered: 12/26/08
Posts: 11,340
Last seen: 8 years, 4 months
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Unsubsidized loans?????
#15187700 - 10/06/11 05:14 PM (12 years, 3 months ago) |
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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?
-------------------- Hippies and Liberals love Pope Francis, so why dont I quote him for you guys. "There is NO SALVATION outside the Catholic Church"
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MisterPink
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Registered: 06/23/08
Posts: 534
Loc: The Bean
Last seen: 10 years, 5 months
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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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Almond Flour
...get off my lawn!



Registered: 12/26/08
Posts: 11,340
Last seen: 8 years, 4 months
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Re: Unsubsidized loans????? [Re: MisterPink]
#15187995 - 10/06/11 06:09 PM (12 years, 3 months ago) |
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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 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"
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MisterPink
Stranger



Registered: 06/23/08
Posts: 534
Loc: The Bean
Last seen: 10 years, 5 months
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Re: Unsubsidized loans????? [Re: MisterPink]
#15187998 - 10/06/11 06:10 PM (12 years, 3 months ago) |
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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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Almond Flour
...get off my lawn!



Registered: 12/26/08
Posts: 11,340
Last seen: 8 years, 4 months
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Re: Unsubsidized loans????? [Re: MisterPink]
#15188030 - 10/06/11 06:16 PM (12 years, 3 months ago) |
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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 ).
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"
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Mr. Bojangles
Breathe In



Registered: 04/08/08
Posts: 1,937
Loc: The Dirty
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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.
-------------------- "It is dangerous to be right in matters on which the established authorities are wrong." Francois-Marie Arouet
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Almond Flour
...get off my lawn!



Registered: 12/26/08
Posts: 11,340
Last seen: 8 years, 4 months
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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"
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Groovy Grant

Registered: 07/31/00
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Loc: TX
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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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