<p>1) I signed up for the Direct Parent Plus loan....
Are my parents going to pay this at the end of my 4 years, or is this an annual thing? I saw the 6 months hiatus thing and wasn't sure.</p>
<p>2) I have been buying my books using my own money even though I am given financial aid.
Since the money is put into my BARC account, how am I suppose to pay for books using the financial aid money?</p>
<p>Thank you :)
Took out a 10K loan, how scared should I be ? haha</p>
<p>The loan company will deposit the funds into your BARC and you will be given a check for any excess funds. That’s how you pay for books and stuff </p>
<p>Pretty sure you start paying back the Parent plus while you’re in school as a quarterly thing? not sure. you can call financial aid with any questions and they’ll know for sure.</p>
<p>2) You get a refund from barc IF there’s money left over. It should say by now “1001:Refund Check/Direct Deposit”. If no refund, then the idea is that the fin aid money displaces what you would have paid for instead… does that make sense?</p>
<p>10k kinda a lot. I doubt you’ll need it all. It’s ok though, you can return it.</p>
<p>ehh 10k isnt a lot compared to some people who take out their whole bill in loans. Don’t worry about it too much. All the money stuff will work itself out!</p>
<p>If you plan to defer repayment, I would suggest, at the very least, that you pay the interest that accrues on the loan regularly, or else it will capitalize after you graduate (i.e., added to that original $10,000 loan principal) and your future monthly loan payments will be slightly higher than you may have anticipated.</p>
<p>
It looks like others answered this for you - basically, if you borrowed more than the amount of your tuition/fees and room and board billed to your account, you’ll get the remainder as a check (I recommend that you sign up for direct deposit refunds if you haven’t already).</p>
<p>Should you be scared? Well, I would certainly think about how feasible it is for you to continue borrowing the amount that you are. If at the end of four years, you will have borrowed about $40,000, you should expect to have a loan payment of about $500 per month for the ten years after you graduate. That’s something to consider. You might want to think about how you can make money throughout the year to rely less on loans in the future, or pay the loans down in advance.</p>
<p>And really, you shouldn’t put too much weight in what people say on the internet, particularly concerning financial matters (even me!) - we’re all coming from pretty different backgrounds and don’t know your priorities and perception of what is significant or not. I don’t want to sound patronizing, but you should talk to a real financial aid professional, like the ones at UCSB. You can even email a random financial aid professional through Finaid.org, if you want: [FinAid</a> | Answering Your Questions | Ask the Aid Advisor](<a href=“http://www.finaid.org/questions/askadvisor.phtml]FinAid”>http://www.finaid.org/questions/askadvisor.phtml)</p>