<p>I had a few questions about loans and financial aid in general (undergrad. edu.).</p>
<p>1) if you take out loans, can you pay into them while you're still in school, and can you pay any amount you want (ex. pay 300 into the loan one month, then 200 another month, etc.)?
2) Who/What determines whether you qualify for subsudized/unsubsudized loans?
3) When FAFSA determines your EFC, do they use you parents total annual income (what they make before taxes, retirement plan payments, etc.) or do they use what your parents actually bring home ( i think its called taxable income)?</p>
<p>Any info will greatly help, thanks in advance!!!</p>
<p>*I forgot one more
4) Are there loans that the student can take out that can be any amount ( ex. that allow the student to take out all of what he/ parents are supposed to pay)</p>
<p>not taxable income the whole thing, and un/subsidized depends on how much u and ur parents make. not sure who decides that. somoene whos family is makin 100k a year prolly will be a unsubsidizded and someone whos making 50k will prolly get a subsidized one :)</p>
<p>1) You can always make payments while you are in-school or during any time that no payment is required. There is never a pre-payment penalty on your student loans, and it is definitely helpful to pay down the interest if you can, to avoid interest capitilization.
2) Your FAFSA determines your need - Subsidized loans are granted based on NEED (because the government pays the interest on those loans) and UNSUBSIDIZED is granted based on cost of education. There are LOAN LIMITS though to be aware of - so you can only get a certain portion of each.
3) I am not exactly sure about what all is taken into consideration with regards to FAFSA, so I won't say much more.
4) There are private loans available - but you should avoid taking out private loans when you can. If you are an undergrad there is PARENT PLUS loan - that your parents would take out on your behalf to help cover the cost of education, and if you are in a graduate program - then you may have the option of taking out a GRAD PLUS loan. I would recommend talking to your financial aid office for assistance about what option is best for you.</p>