<p>All I received was the Fed Stafford Unsubsidized Loan which is probably the worst one possible. I want to know the important information and if anyone has experience with this type of loan. I chose Indiana University, and the school does not cost too great of an amount but I still need to take out a loan to afford the cost.</p>
<p>The unsub loan is available to all students that are eligible to file FAFSA. It is not need based. The interest rate is 6.8%. The max for a freshman is $5500. Interest accrues from the day the loan is disbursed. You can defer paying the interest until repayment starts, but it will continue to accrue. Repayment starts 6 months after the day you graduate or drop below half time. </p>
<p>It is probably the most common student loan, so many people have experience of it.</p>
<p>It’s not large enough for my financial needs. Any advice? Should I just get a loan from a bank for the loan then?</p>
<p>You won’t be able to get a private loan in your own name alone. Any private loan from a bank will require a cosigner with a good credit rating. Alternatively your parents can apply for federal a parent PLUS loan.</p>