Need Help

Colleges and Universities A-Z University of Washington
1

<p>i applied for fafsa, and got awarded subsidized stanford loans and unsubsidized. the deadline to accept the loans is june 29. I filed an appeal and asked for revision. I learned that i won't be getting any answer soon. </p>

<p>Here is the conflict, shall i accept the Stanford loans, and return it if my fafsa revision get accepted ? or it is better to wait and then re apply for a loan( not sure if that possible after the deadline). what do you recommend , the subsidized or non subsidies? </p>

<p>If i can return the loans from grants (if i get it), does fafsa forgive the interest?</p>

2

<p>I am in the same situation as you. I plan to do a lot of research tomorrow, I’ll let you know what I find out, please do the same :)</p>

3

<p>I recommend calling the financial aid office tomorrow and asking in order to get a definite answer.</p>

4

<p>KaleyFC,</p>

<p>I did call. They said they cannot answer that.</p>

5

<p>It looks like if you submit a revision, you also need to accept your loan award for that to happen. I do not know when you will get the revision or how things will change once that happens. I am submitting my revision tomorrow since I now make a fraction of the income I used to. The loan terms allow you to return the loan without penalty 14 days after disbursement. Hopefully that buys you some time. There is also the chance that you won’t get anything extra, so you might need the loan anyway.</p>

6

<p>thanks.</p>

<p>Do you know how i chose the subsidized loan? i ws offered both, and when i log into myuw, i don’t see that option. its either accept all or reject all, or partially accept</p>

7

<p>If you click on partially accept, it changes your loans to drop menus where you can select which you want and for what terms. The subsidized loan is good, you can do better with private loans for the unsubsidized though. BECU had 5.7% loans I think, or maybe it was Wells Fargo. I only investigated that a little bit.</p>

8

<p>the subsidized one has 3.4%.</p>

<p>check this chart </p>

<p>[Student</a> Office of Financial Aid](<a href=“Student Financial Aid”>Student Financial Aid)</p>

9

<p>It does today, but effective July 1st 2012 the rate doubles to 6.8%. In order to have the 3.4% rate you have to have your first dispersal before July 1st. I guess Obama is trying to change it back to 3.4% for another year, so lets hope that happens.</p>

10

<p>They are going to vote on this later today.</p>

11

<p>So looks like the bill passed and subsidized loans will stay 3.4% this school year. Also, I talked with the financial aid department in person, they told me you get 120 days after you receive your loan to return it without penalty. Also, if you refuse your award, then can return it to you later if you need it.</p>