Anyone accepting all their loans?

[ocrx8]

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I got my financial aid letter. No question that I will accept my subsidized loans. But is anyone here not accepting all their unsubsidized or grad plus loans? Interest rate for stafford loans are 6.8%. Does that mean they charge 6.8% on the balance every month? That's alot. Has anyone try borrowing from family members or relatives as an alternative? Also I heard some students have locked in at a low 3% interest using consolidation. Can we consolidate our loans before we graduate? ..

 

[EDLKim]

I accepted my subsidized & unsubsidized loans & declined the GradPlus (high interest rate + origination fee). I accepted the unsubsidized loan because I didn't get much for the subsidized loan. I'm just to pay the difference of my tuition cost with my savings. Don't forget that you will be working part-time as a pharm intern so that will also help pay for personal expenses.

I think for the unsubsidized loans the interest accrue during school. When you fill out your electronic MPN (electronic Master Promisory Note) they will tell you how much you will owe after graduation with all the interest rates calculated.

I also avoid borrowing money from my family. It might get complicated in the future.

 

[babakpharm]

Can anyone tell me how much they are receiving from the subsidized and unsubsidized loans---just want to get a general idea

 

[stlouis79]

I'm getting $8,500 in subsidized, and around 22,500 in unsubsidized (those are max). Damn, thats alot of debt for one year......In StL, there is a scholarship foundation thats gives out interest free loans of up to $7,000 per year, but they decided this year that first year grad/professional students are not eligible. Go figure...

 

[EDLKim]

Can anyone tell me how much they are receiving from the subsidized and unsubsidized loans---just want to get a general idea

Sub: $8,500 (this is the max i think)
Unsub: $25,889.00

 

[ocrx8]

lets say you get $25,000 in unsubsidized loans for this school year. Interest is 6.8%. That means they take $1700 every month for that year? So you owe $45,400? Does my math look right?

 

[homeslice]

lets say you get $25,000 in unsubsidized loans for this school year. Interest is 6.8%. That means they take $1700 every month for that year? So you owe $45,400? Does my math look right?

Good god no. If that were the case then some people would never be able to repay their loans. I've heard that interest is compounded no more than quarterly.

 

[trailrider400]

Good god no. If that were the case then some people would never be able to repay their loans. I've heard that interest is compounded no more than quarterly.

I was thinking it was compounded annually. I hope thats the case but maybe it is quarterly. Lol and to the other person - no your math does not look right

 

[eclicis]

The interest is calculated as simple daily interest. So if you take a loan of 25000 at a 6.8% interest rate then it would be (25,000 * .068) / 365 = $4.66 a day. So that 6.8% interest is the annual interest rate that is calculated as simple daily interest.

 

[DrWrong]

I accepted my subsidized & unsubsidized loans & declined the GradPlus (high interest rate + origination fee). I accepted the unsubsidized loan because I didn't get much for the subsidized loan. I'm just to pay the difference of my tuition cost with my savings. Don't forget that you will be working part-time as a pharm intern so that will also help pay for personal expenses.

I think for the unsubsidized loans the interest accrue during school. When you fill out your electronic MPN (electronic Master Promisory Note) they will tell you how much you will owe after graduation with all the interest rates calculated.

I also avoid borrowing money from my family. It might get complicated in the future.

I'm not sure if you are referring to getting a job to fulfill your IPPE requirements or going out and getting a job on your own, but at FAMU you can't receive pay while fulfilling your IPPE requirements. That means I have to work roughly 300 hours unpaid =-0. If you can find an internship that doesn't relate to classes you'll have it made in the shade.

 

[ocrx8]

oh ok thanks, whew...so the interest rate is yearly not monthly.

 

[EDLKim]

I'm not sure if you are referring to getting a job to fulfill your IPPE requirements or going out and getting a job on your own, but at FAMU you can't receive pay while fulfilling your IPPE requirements. That means I have to work roughly 300 hours unpaid =-0. If you can find an internship that doesn't relate to classes you'll have it made in the shade.

You can definitely work at a pharmacy on your own time to earn money. All of my friends in pharmacy schools were working part-time to pay for their personal expenses. Of course it's going to be difficult with all your classes and IPPE, but it's a way to earn money.