Question About FD Subsidized and Unsubsidized Loans

Paying for College
1

I want to make sure I am understanding this 100% correctly before I sign the Master Promissory Note.

I have been awarded both a Federal Direct Subsidized and Unsubsidized Loan for my freshman year. This totals up to the standard amount offered ($5,500) for the year.

I plan to be an RA the rest of my college career, and thus, will not need these loans (unless I change my mind and look for scholarships instead). Can I just use the Sub and Unsub loans for my freshman year only and not use them the remaining three years?

Also, if so, will I be able to pay back the Sub and Unsub loans when I graduate (if I will only use them freshman year)? Or will I have to pay them within six months?

Thanks guys. Sorry if this is a massive repeating post. I couldn’t find anything straightfoward about it though.

2

Yes

Yes for most students: 6 months after graduation. You start loans repayment when your status is less than half-time student for 6 months. See http://www.direct.ed.gov/RepayCalc/dlindex2.html

3

Is an RA position guaranteed?

4

@4kidsdad Thank you so much!
@Madison85 I would say there is a very high chance. I am undergoing training when I begin classes.

5

You are doing RA training as an incoming freshman?

6

@thumper1 Ah dang that’s what I get for rushing. I meant when my classes are ending. I was thinking the words “freshmen” and “start” and typed “begin”. I meant when classes are ending. I know an RA and they’ve recommended me and I’m gonna start training when my classes end for the school year.

7

Pulsars…that is NOT a guarantee that you will get an RA job. But certainly go for it…and good luck. Those RA jobs are mighty competitive.

8

You choose to take a loan or not each year. You can decide later if you need the other loans. And your payments start at 6 months after graduation, the whole thing is not due, just a small payment–you have 10 years to pay student loans.

9

Scholarships are harder to come by after freshman year, except some small departmental ones.