<p>Ds first financial aid award came today and I am confused. She was previously awarded a $22,000 merit award from this school and now has received a $10050 need based package as well. It is all detailed and includes a Perkins and a Stafford loan as well as a federal work study component and a need based grant. Can someone explain how this all fits together? Am I correct that she has received a total of $32,050 toward the total cost of $42,000? I know she must pay back the loans but when do the payments begin?</p>
<p>Congratulations!! That's what it means, she got $32050.
Can't help you with the other Q.</p>
<p>Sounds right, but I'd say call the school. They can explain it to you and answer any questions you might have. Hard for us to do it, without the paperwork to see.</p>
<p>I believe the loan repayments begin either 6 or 9 months after graduation. (Can be delayed longer, if student goes on to grad school, I think.) If they are UNsubsidized (your paperwork should tell you this), the student (or in our case, the parents!) will have to make interest ONLY payments quarterly from the time the loan is issued....so, you're making interest payments on 1 loan during freshman yr., on 2 loans during soph. yr., and so on.....</p>
<p>Beachy... I have an unsubsidized stafford loan for this current year and you don't have to make the interest payments while in school (although you do have the option to). The difference between the two is that for subsidized the government pays your interest while your in college while the unsubsidized the interest accumulates.</p>
<p>hmmm...am puzzled now, sook....S's unsubsidized loan interest bills have been coming home here regularly for 1.5 yrs. now and as hard as I look, I can't find a spot that says it's my choice to pay or not! Am going to have to look much harder on the next one!</p>
<p>beachy, when our oldest took out her unsub Stafford loan just before starting school, there was a one-line question on the app about deferring interest payments until after graduation. It was confusingly stated, because I initially checked the wrong box and only caught my error when I reviewed the whole app before sending. Once you've made the choice, I'm not sure any subsequent paperwork gives you the chance to change your status. If you'd like to, I think the school's finaid office could tell you how to go about it.</p>
<p>thanks for the info, sook and frazzled....we may have missed the boat on the first 2 loans...will have to do better on the remaining 2!! Must admit that, at least this far, the payments have not been killers...and really can't complain, as S will have the REAL burden of repaying the principal in a few years!</p>
<p>Thanks all - this helps a lot and I will call the financial aid office on Monday. I feel more comfortable asking the questions now.</p>