<p>My son just received his finaid package for his sophomore year(yes, I can't believe how late it came..but his school year doesn't start until Oct. 1). The package includes only 1 loan for $250. I told him I thought he should decline the loan as its a small enough sum we can pay it out of pocket. Is there any reason to accept the loan that I'm not thinking of? If finds he needs money later in the school year, I'm assuming he can go back and ask for a loan for the next term? Finaid asks for a small contribution out of his savings, all else is grants and scholarships & a little work study.</p>
<p>Is the loan subsidised? I know for my Ds Perkins loan if she declines it it is not available to her later in the year (the school has limited Perkins funds and if she declines it they award it elsewhere). Other than the possibility of not being able to go back and get the loan later in the year I don't know of any reason to accept the loan if it is not needed. </p>
<p>Having said that I have already noticed there are several little extras getting added to her bursar's account before school even starts - parking permit, sports pass, new student orientation - they all add up! Also at her school the COA is based on 12 hours a semester and she is doing 16 so tuition and fees will be higher than in the COA. But as your son is a sophomore you are probably already prepared for those 'little' extras. We are not turning anything down until we see what her actual costs vs estimated costs turn out to be.</p>
<p>Thanks so much. I think it is a Perkins loan. So I may have him accept it anyway so if he needed it later in the year it would be there. For S. there haven't been too many extras. His food plan doesn't include meals on the weekends so he did spend a little extra each term on food but otherwise its not been bad. </p>
<p>Its interesting to see what different schools charge extra for. His new student orientation was included - and that was a 2 or 3 day trip to a resort in the mountains (tough life! :) )for all incoming students. And at his school he can take as many units as he can squeeze in at no extra charge. They do however have mandatory health insurance (there's no opting out even if the student is covered by parents' health insurance) which is very expensive.</p>
<p>It's a little extra work but have him take the loan and then you can give him the money to pay it off later and it will help him build up his credit!
ccmo</p>