How do student loans for college work?
Extremely Hyper gamer dude asked:
Is there such a thing as a student loan that you wont have to pay until your job starts? Are there better options to student loans?
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on Wednesday, February 4th, 2009 at 12:00 am and is filed under Financial Aid.
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Is there such a thing as a student loan that you wont have to pay until your job starts? Are there better options to student loans?
February 4th, 2009 at 7:39 pm
There are usually 2 kinds of student loans, subsidized and unsubsidized. Subsidized means the government is actually paying the interest on the loan until you finish school. Once you graduate, you have a grace period, usually about 6 months, before you have to start repaying the loan, with interest.
With unsubsidized, you pay the interest only(not the principal) of the loan while you are in school. Then, when you graduate, you start paying the interest portion back.
These are both government loans and have a fixed interest rate, currently 6.8%.
February 7th, 2009 at 10:05 am
Go into one of the following links below and student loand are well explained there. I used to work in the financial aid office at a college; but that was 4 years ago and have not kept up with all the federal guidelines since. But these sites should help with your inquiries.
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February 8th, 2009 at 4:48 pm
the only options better than student loans are grants and scholarships. most student loans can be put off for quite some time until you are working. dont go crazy with them though. if you get in over your head you will be SOL in the future. you cannot file bankruptcy on student loans, so they will get their money back one way or another, even if they garnish your wages and take your tax returns for the rest of your life. only take what you absolutely need and will be able to pay back
February 11th, 2009 at 11:08 pm
There you go :
Good luck !