Figuring out loans: please help!

[cronutss17]

---

Members do not see this ad.

Hello, I have been lucky enough to get through undergrad without worrying about student loans. I am currently looking at my loans package for medical school. I have gone ahead and calculated the food/housing costs to get those reduced significantly and my savings should be able to take care of that at least for the first year.

1) There is also a student travel and miscellaneous section in the loans package. How can I estimate how much I need to borrow for these sections?
2) Stupid question but: When I borrow loans, if I don't use all the money, can I return the money that I don't use right away? Or is that money just borrowed money whether I choose to use it or not?

Thank you!

 

[rdyotz]

Most financial aid offices will let you change the amount you borrow relatively quickly... I have heard of people starting with too little and getting additional loans as needed. Not sure I have heard about the reverse (you could always 'pay off' the portion you have an excess of I guess.

 

[deleted1005514]

Contact your school's financial aid office. I remember mine saying something about returning funds if you took out too much (seems like 120 days is a number that stuck with me), and I know if you need more later they can get that to you fairly quickly, but they would have better answers for you.

 

[TheDataKing]

We have 120 days to return extra money but you can start frugally and get more if you need it (so long as you stay under COA). The loans returned within the 120 day period don't accrue interest

 

[deleted994889]

As others have mentioned, you don't have to take out all your loans at once and ask for more as you need or return excess money without penalty. You won't know exactly how much you will spend on travel, or anything, but its still a good idea to work on a budget so you can see where you can save and have a plan to stick to.