<p>I have Parent plus loans,
Federal Perkins Loan,
Federal Sub Stafford Loan,
Federal Unsub Stafford Loan to take out... </p>
<p>The only thing i filled out is FAFSA.
Do i have to apply for these each loans again to get the loans?
How do i go about starting to get the loans?..
I have no idea how to start this..</p>
<p>Also, im not gonna take out the federal unsub stafford loan since i have money for that amount and i dont want want to accumulate the interest.</p>
<p>Between Perkins and Sub Stafford loan, which one is better?
I'm working everyday and trying not to take student loans if possible.
Also, can i borrow only part of the money that was offered?
for example, i was offered to borrow 3,500 for sub stafford. If i have 1,000 in my pocket, can i only borrow 2,500?</p>
<p>Contact your school, different schools have different processes. You may have to fill out a separate sheet and go through entrance loan counseling before your loans will be disbursed.</p>
<p>You don’t have to take the full amount that the school offers you. Usually, there’s a form that comes that tells you your award offer and tells you how to accept your loans. On that form there’s usually a line on which you can specify exactly how much you want to borrow, if it’s not the full amount.</p>
<p>Perkins loans have better terms than subsidized Stafford loans - they are subsidized too, in that the government pays your interest while you are in school and your grace period. The interest is lower (5% versus the current sub Stafford rate of 5.6%, although next year the sub Stafford rate goes down to 4.5% and the year after that to 3.4% - but THIS year, the Perkins is a better rate). You can also discharge the loans with certain kinds of service, for example military or certain kinds of teaching. The grace period is also longer (9 months instead of 6) and there are no loan fees (whereas Stafford loans usually carry fees of 1-2%).</p>
<p>Perkins loan - interest rate 5%, no origination fees, govt pays the interest until you graduate plus a 9 month grace period.</p>
<p>Stafford subsidized loans -interest rate for loans issued 2010-2011 school year (or after July 1st 2010) 4.5% (this varies each year), origination fee (officially around 1% I think but some schools waive some - my daughter’s school does), govt pays the interest till you graduate or drop below half time plus a 6 month grace period.</p>
<p>before this year the Perkins was better as it the sub Stafford interest rates were higher than Perkins. For the next 2 years the sub Stafford interest rates are lower than Perkins. So long term the Stafford is slightly better in my opinion. The exception would be if you were 100% going to pay off the loans before the end of the grace period - then the lack of origination fee would put the Perkins ahead.</p>
<p>Yes you should be able to accept only part of the loan.</p>
<p>does the interest start to accumulate after i gradudate?</p>