Questions about loans

[pumpUup]

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Before I applied for loans, I was told the difference between subs/unsubs, and grad plus loans, but it had been about 4 months and I forgot all the differences.

I just got the award letter with different amounts that each of these three offer. Could someone tell me their main differences to refresh my memory about them?

And if the aid type says work study with $$$$, and I don't want to work while I am in dental school, should I say "no" to this loan?

 

[SuperTank]

Before I applied for loans, I was told the difference between subs/unsubs, and grad plus loans, but it had been about 4 months and I forgot all the differences.

I just got the award letter with different amounts that each of these three offer. Could someone tell me their main differences to refresh my memory about them?

And if the aid type says work study with $$$$, and I don't want to work while I am in dental school, should I say "no" to this loan?

I think the breakdown is something like this:
subsidized - $8500
unsubsidized - $32,000
Grad + - Up to the amount remaining that your program allows.

The subsidized loans do not accrue interest while you are in dental school, while the others do. The interest rate is lower for the unsubsidized loan than the grad + loan. Long story short, request only the money that you need, and request it Subsidized, Unsubsidized, then Grad +.

 

[Veru]

Definitely say no to the work study loan. You are not going to have time working/studying at d-school.

 

[pumpUup]

Oh ok, thanks.
I got 1 more question.
If I accept this loan, how do they send me this money?
Do I give them my bank account so that they can send me the money?

 

[Innulja]

they will give you the check and you will put it into your bank account, or you can set up a direct deposit.

 

[2ndFn]

Opt for direct deposit. It is so much more convenient.

 

[erk005]

I would go for the briefcase filled with unmarked, non-consecutive twenties.

Also to clear this up, I think that all loans have interest. With the subsidized loans that interest is paid for by the gov while you are in school, so you do not have to pay the interest until you are finished with school.