$$$ ...is this OK?

[Cofo]

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I need money and so I have to take out a $2,000 unsubsidized stafford loan from the govt. At first I didn't want to take an unsubsidized loan, but I figured...If I get into dental school in 2011, then I am going to be taking out loans that will have interest accruing on them. So...it really won't be a big deal for me to take out unsubsidized loans now, right? It's only $2,000. In dental school, I'll be having to borrow WAAAAAAY more than that. So...should I take the unsubsidized loan for $2,000?

 

[Tommy43087]

I need money and so I have to take out a $2,000 unsubsidized stafford loan from the govt. At first I didn't want to take an unsubsidized loan, but I figured...If I get into dental school in 2011, then I am going to be taking out loans that will have interest accruing on them. So...it really won't be a big deal for me to take out unsubsidized loans now, right? It's only $2,000. In dental school, I'll be having to borrow WAAAAAAY more than that. So...should I take the unsubsidized loan for $2,000?

Consider yourself priveleged to not have accrued debt so far. Alot of people, including myself, have a bunch of debt sitting on our shoulders from undergrad...

 

[Hopeful20]

I'm not sure how you will go about even doing this.
Do you plan on getting the money by a check?

I've spoke to my financial advisor at my undergrad about this option (I'm fairly short on money as well...even just to go to interviews) and she said that this wasn't possible...

 

[EndangeredPasta]

At my school, the loans will first go toward the owed tuition/fees, then if there is money left over it can either be put onto our student ID card (which also acts as debit/mastercard), electronically transferred to bank or sent in the mail. So if you already have your tuition paid for from another source then I would talk to your school about doing this.

 

[doc3232]

Consider yourself priveleged to not have accrued debt so far. Alot of people, including myself, have a bunch of debt sitting on our shoulders from undergrad...

???

I don't think its a good idea to take out loans if you don't really have to. Also, it is hassling to deal with multiple loans.

 

[jmt1984]

depends on how bad you need the money and what it is for. I think there are calculators on the internet that you could figure out what the $2000 will turn into down the road, but you are right, in the scheme of things an extra $2000 next to $300,000 is not going to break the bank. (maybe an extra 10 bucks a month at most?)

 

[MTD52]

???

I don't think its a good idea to take out loans if you don't really have to. Also, it is hassling to deal with multiple loans.

Shouldn't be very difficult to consolidate them once you're out though.

 

[StirrinIt]

but keep in mind that u have to start paying it back after u graduate from undergrad... u could maybe get it deferred, or just pay it back with ur grad loans... im not a whiz at this stuff,but i am paying my 3k i took out rigth now and i start ds in fall and its more tough to pay back than i thought it would be haha..

i also spent an arm and a leg on my application/interviews tho, so i dont have a lot of money for working full time.

 

[EndangeredPasta]

but keep in mind that u have to start paying it back after u graduate from undergrad... u could maybe get it deferred, or just pay it back with ur grad loans... im not a whiz at this stuff,but i am paying my 3k i took out rigth now and i start ds in fall and its more tough to pay back than i thought it would be haha..

i also spent an arm and a leg on my application/interviews tho, so i dont have a lot of money for working full time.

Are those stafford loans? I'm pretty sure they should always defer payment while you are continuing your education. I love how everyone is complaining about just a few thousand dollars in loans...

 

[StirrinIt]

Are those stafford loans? I'm pretty sure they should always defer payment while you are continuing your education. I love how everyone is complaining about just a few thousand dollars in loans...

yeah, im sure u can. i dont really know what im talking about when it comes to loans, as i said, i only took out 3k so...

 

[Palmetto914]

All loans have the option to be deferred. Some loans have a defined max time you can defer payments (some of my private undergrad have 6 year max, for example). When enrolled as a full-time student, you can defer your loans for sure, but the interest will still accrue. Depending on the loan, the government will cover the interest while you're in school (subsidized), but for most loans this isn't the case. You always have the option to make payments on the loan, including interest-only payments. I know a lot of people that get their loans set up for interest-only payments so they or their family can at least pay the interest. That way it's not compounding while you're in school, and you'll only have the actual amount you borrowed to pay back. Just for example, I have a friend in her 4th year at UDM, and she said her parents are covering her interest payments until she's finished...$1400/mo!!!

 

[Zubnaya Feya]

All loans have the option to be deferred. Some loans have a defined max time you can defer payments (some of my private undergrad have 6 year max, for example). When enrolled as a full-time student, you can defer your loans for sure, but the interest will still accrue. Depending on the loan, the government will cover the interest while you're in school (subsidized), but for most loans this isn't the case. You always have the option to make payments on the loan, including interest-only payments. I know a lot of people that get their loans set up for interest-only payments so they or their family can at least pay the interest. That way it's not compounding while you're in school, and you'll only have the actual amount you borrowed to pay back. Just for example, I have a friend in her 4th year at UDM, and she said her parents are covering her interest payments until she's finished...$1400/mo!!!

Do you know anything else about private loans? Is it possible to defer payments after a 4-year degree to have time to specialize? Or does it depend on case-by-case analysis? 🙂

 

[Palmetto914]

My undergrad loans are private loans. I can defer them up to 6 years total (as in, the deferment doesn't have to be 6 straight years...it can be 3 months here...2 years there). All of this info can be found out before taking the loan. In d-school, from what various financial aid offices have shown me, only out-of-staters or those at high-cost schools (nyu, usc) might have to dip into private loans. Still, I think even after unsubsidized stafford loans, there is still a grad plus loan available, which I don't think is private.

Keep in mind that while they might be deferred while in d-school, unless they're subsidized, that interest will accrue the entire 4 years.

Oh, and to answer your question, I think most private loans will allow you to defer. As for d-school, you probably won't have a ton of private loans, if any at all.

 

[Zubnaya Feya]

My undergrad loans are private loans. I can defer them up to 6 years total (as in, the deferment doesn't have to be 6 straight years...it can be 3 months here...2 years there). All of this info can be found out before taking the loan. In d-school, from what various financial aid offices have shown me, only out-of-staters or those at high-cost schools (nyu, usc) might have to dip into private loans. Still, I think even after unsubsidized stafford loans, there is still a grad plus loan available, which I don't think is private.

Keep in mind that while they might be deferred while in d-school, unless they're subsidized, that interest will accrue the entire 4 years.

Oh, and to answer your question, I think most private loans will allow you to defer. As for d-school, you probably won't have a ton of private loans, if any at all.

I will be officially an "international student" for the first year so I have a different situation. I will have to take out ~50k in private loans for the 1st year.

 

[Palmetto914]

Still, talk to your financial aid office about the private loans available to you. Every single one of them will tell you the details, including the derferment period allowed.