GradPLUS loan

[el_duderino]

Just got my financial aid award letter and am trying to figure something out.

I'll need to borrow more than the Stafford loan amount, but won't need all of the GradPLUS loan. Is there any way to only take part of the GradPLUS?

If I don't need all of the GradPLUS loan, should I just hold onto it until next year and apply the remainder to paying it off?

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[swoopyswoop]

you can accept a smaller amt than the total offered.

 

[theseeker4]

Just got my financial aid award letter and am trying to figure something out.

I'll need to borrow more than the Stafford loan amount, but won't need all of the GradPLUS loan. Is there any way to only take part of the GradPLUS?

If I don't need all of the GradPLUS loan, should I just hold onto it until next year and apply the remainder to paying it off?

You should contact your school financial aid office, as they will be able to tell you what you need to do to accept a lower amount.

 

[Gator7]

Yea your financial aid office should be able to reduce either your GradPLUS or Stafford loan to the amount you need. I wouldn't hold on to any extra loan money if you don't need it as you will be paying interest on it as soon as it is imbursed.

 

[el_duderino]

Got it taken care of. Thanks everyone.

 

[Mehd School]

Side question:

We don't have to pay interest while in school right?


....right?

 

[el_duderino]

The loans accrue interest while you're in school. You don't have to pay anything, but the interest is calculated from something like 30 days after disbursment.

 

[circulus vitios]

Side question:

We don't have to pay interest while in school right?


....right?

As of a few years ago, all medical schools loans are unsubsidized. This means they will start accruing interest from the day the loans are disbursed, although you aren't expected to make payments on this interest.

 

[Etorphine]

As of a few years ago, all medical schools loans are unsubsidized. This means they will start accruing interest from the day the loans are disbursed, although you aren't expected to make payments on this interest.

They will happily allow you to let that interest clock tick

 

[Mehd School]

Thanks folks. I feel like I'm paying for all of this with Monopoly money.


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[Psai]

Thanks folks. I feel like I'm paying for all of this with Monopoly money.


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lol it'll be real soon enough
i keep getting these emails from sallie mae about how they improved their website to make it easier to pay
it's a not so subtle hint

 

[link2swim06]

As of a few years ago, all medical schools loans are unsubsidized. This means they will start accruing interest from the day the loans are disbursed, although you aren't expected to make payments on this interest.

Yep that changed happened when I was half way through med school.

 

[mvenus929]

Yep that changed happened when I was half way through med school.

I'm still not sure which is better--having small subsidized loans during a couple years + the lowered interest payment our last year, or not having the subsidized loans, but always having interest rates below 6.8% (though they will likely end up higher than that by the end of the four years it would take someone to use those).