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- Apr 2, 2011
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Hi, I'm an incoming medical student and I'm trying to figure out how much loans to accept. I've tried calling the financial aid office several times and they won't pick up
My questions:
Is it possible to only take out the stafford loans only in the spring semester? I've read that loans get disbursed every semester with half coming in the Fall and the other half coming in the Spring. I have enough savings to get me through the first semester, but I'm going to need a small amount next semester. Since interest accumulates since day 1, I'd like to not take out a loan when I don't need it. So I want all of my loan money in the Spring, not now. Is that possible?
Everybody always says to not take out more money than you need - so what if I take the bare minimum I think I'll need, but it turns out to not be enough. Will I be able to take out more stafford loans in the middle of the year without any penalties even though I declined the full amount now? Or should I take out some loans with a buffer, and at the end of the year either use the left over money to pay back the loan/interest (or just keep the unused money and use it the following year)?
I'm also a little confused about this "interest accumulates since day one, but it doesn't capitalize until after your grace period". So if I take out 10K this year, at the end of the year, I"ll owe an additional $680. At the end of the second year, will that 10K again give me another $680, or will the interest be $726? (10,680*0.0680 = 726.24). I understand that once you graduate and the grace period ends, your interest will capitalize, but I am confused about what happens while in school
My questions:
Is it possible to only take out the stafford loans only in the spring semester? I've read that loans get disbursed every semester with half coming in the Fall and the other half coming in the Spring. I have enough savings to get me through the first semester, but I'm going to need a small amount next semester. Since interest accumulates since day 1, I'd like to not take out a loan when I don't need it. So I want all of my loan money in the Spring, not now. Is that possible?
Everybody always says to not take out more money than you need - so what if I take the bare minimum I think I'll need, but it turns out to not be enough. Will I be able to take out more stafford loans in the middle of the year without any penalties even though I declined the full amount now? Or should I take out some loans with a buffer, and at the end of the year either use the left over money to pay back the loan/interest (or just keep the unused money and use it the following year)?
I'm also a little confused about this "interest accumulates since day one, but it doesn't capitalize until after your grace period". So if I take out 10K this year, at the end of the year, I"ll owe an additional $680. At the end of the second year, will that 10K again give me another $680, or will the interest be $726? (10,680*0.0680 = 726.24). I understand that once you graduate and the grace period ends, your interest will capitalize, but I am confused about what happens while in school