<p>So I accepted the offered Stafford loans about a week ago (as a first time loaner) and I just checked the URSA BAR account and our fall fees are already posted.</p>
<p>So basically some general questions that I have right now:</p>
<p>1) Right now, the loan has not been applied to my URSA BAR account. Will it be automatically applied to my account when my loan is approved?</p>
<p>2) When will the loan be approved (in a general situation)?</p>
<p>3) Any other advice/suggestions/things i'm supposed to do to get my loans approved as a first time loaner?</p>
<p>1) Yes. Technically it's already been approved when you accepted it through FAO.
2) Tuition disbursement. Check "OPENNET SALLIE MAE" and choose UCLA and go into your account. See its status if its pending etc.
3) You usually worry about this for private loans that require cosigners and with parent loans (PLUS loans and their separate lenders).</p>
<p>If you pay for it now, eventually you'll get refunded the loan amount. If anything, once you get it taken care of or evened out, ask to cancel your loan since the repayment period doesn't begin until after you graduate (or if it's a PLUS loan, it begins 6 months after you borrowed).</p>
<p>for a fed subsidized stafford loan, it states that interest is paid by the government until six months after I leave school. does this mean that the month I graduate from UCLA, i only need to pay back the amount i borrowed??</p>
<p>Or do I also have to repay the interest that was covered by the government?</p>
<p>So example:
I borrow $3000 for this upcoming school year in fed subsidized stafford loans. I graduate from school and need to repay my loans. Do I only have to pay back $3000 to my lender?</p>
<p>It means that you have a six-month grace period until you start making payments on your loan. You can pay the entire $3000 or you can pay installments (with interest of course). </p>
<p>If you go to graduate school, the payments can be deferred usually.</p>
<p>
[quote]
When do I pay back my Stafford Loans?</p>
<p>After you graduate, leave school, or drop below half-time enrollment, you will have a six-month "grace period" before you begin repayment. During this period, you'll receive repayment information, and you'll be notified of your first payment due date. You're responsible for beginning repayment on time, even if you don't receive this information. Payments are usually due monthly.</p>
<p>During the grace period on a subsidized loan, you don’t have to pay any principal, and you won’t be charged interest. During the grace period on an unsubsidized loan, you don’t have to pay any principal, but you will be charged interest. You can either pay the interest or it will be capitalized (added to your principal loan balance, thus increasing the amount you’ll repay).