If daughter turns down Stafford Unsubsidized Loan this year can she get next year?

Between savings and cash flowing we can cover my daughter’s first year or two. Depending on finances and bonuses at work we may be a little short in her later years. If we turn the $5.500 offered this year and find we need it next year will it be offered again?

Next year she will be able to borrow $6500 as a sophomore. If you do not think it will be enough, you can always borrow this year’s $5500 and pay it toward her expenses in early fall 2018 before you fill the fafsa and then borrow the sophomore allotment.

Yes, you can. Each year’s FA is separate. I took a loan in middle son’s 3rd year and never before or again.

You don’t have to report the $5500 on FAFSA even if it in the bank when you file FAFSA; you don’t have to report left over FA. You should keep it separate or keep good records to track it.

Students can borrow $5500 as a freshman, $6500 as a soph, and $7500/year as a junior and senior. She can borrow the $5500 freshman year loan (IF she requests it during freshman year) and save it for junior year, but if she doesn’t take it then she loses access to it. As a junior, she can only request the $7500 junior year loan.

Why not take the $$ and put it in the bank? You can pay the interest on it along the way. If she doesn’t need it she can just pay it back in one lump sum.

You can take the Lian next year even if declined it this year. Don’t take the unsub loan if you don’t need it. You need to pay the fee up front and the interest accumulate immediately. Why waste the money.

If you don’t need it, don’t take it, review year by year. Unlike cacharelis advice, just paying interest for no reason is bananas. This is far from free money.

Thanks all!