<p>I don't get the whole loan thing. How are the loans that we get with our finaid package (Perkins, stafford, etc) different from the loan we'd get from a bank?</p>
<p>First, it's less hassle for you, since you don't actually have to go to a bank.</p>
<p>Second, my understanding is that these sorts of loans are interest deferred - they will not start accruing interest until you are done with school.</p>
<p>bank loans are higher interest and payment may be deferred for a max of 4 years (have to start paying back after 4 years, aka undergrad), even if u r in grad/prof. school which sucks. Also interest starts accumulating from day 1.</p>
<p>loans in ur fin aid package vary greatly. They have, for the most part, less interest and the subsidized loans are interest free until 6 months after u leave school. THe unsubsidized loans start accruing interest from day 1 like the bank loans. Also, if u decide to go to grad school, many of the gov. sponsered loans in ur fin aid package will be deffered also so u can go to get ur grad degree without having to worry bout paying back undergrad loans yet.</p>