<p>I have a quick question about Private loans/FA gov loan. I recently took out a private loan for this quarter because I was unable to receive the Stafford loan. But next quarter I will be able to. The interest rates is really high for my private loan. So i was wondering if i am able to take a loan from Stafford/FA, and just pay off the private loan that I got for this quarter.</p>
<p>Yes. If you won’t actually need to apply every cent of your Stafford toward your expenses, use some of the leftover cash to pay down that private loan.</p>
<p>Oh I dont really need to use the loan for expenses not much at all. But I borrows 8000 from wells fargo, do you think I can borrow around that much from the FA to pay off the loan in full?</p>
<p>It depends on whether you are dependent or independent, as well as your year in school. It is a good idea to pay off the private loan as quickly as possible, and if you can do it with federal loans you are able to borrow next semester, that would be wise.</p>