<p>It’s going to cost me a total of $24,858 to go to Cal Poly in the fall. I was offered $12,420 in grants. I was also offered $5,500 in a Stafford Subsidized Loan and $6,938 in a Stafford Unsubsidized Loan. </p>
<p>Can anyone shed some light on these 2 loans? I’m thinking I’m probably going to have to accept both of them. What is your experience in taking out these loans?</p>
<p>I was thinking of getting a part time job on campus, but I didn’t think that would help a whole lot with paying my loans. I thought it would just help me buy some of my groceries.</p>
<p>Also, I heard we get the money electronically through our personal checking accounts, how soon will we get the money? I’m just thinking about how I’m going to pay for food for like the first week that I’m on campus.</p>
<p>I don’t think that is correct. I think you have $3500 stafford sub loan, $2000 unsub and $6938 in parents plus loan as the next stafford you can have as a freshman is $5500 total of unsub and sub together. I know that is how mine is for SLO. The parents plus part must be applied for and approved (ie your parents sign and have good credit).</p>
<p>Sorry, I forgot to mention I am a transfer student, so I will be considered a junior in the fall, and I didn’t qualify for the Parents Plus loan.</p>
<p>Subsidized loans are given out based on financial need. They don’t start accruing interest until after you graduate (a good thing!) The government pays the interest for you while you are in school. </p>
<p>Unsubsidized loans are not based on financial need. Interest starts accruing while you are in school, which means you are responsible for it and that the interest is part of the loan you will have to pay back when you graduate.</p>
<p>The $25,000 price is the same for all undergraduate students living on or off campus for the 2012/2013 academic year. I got that number from Cal Poly’s Financial Aid website here:</p>
<p>Like I said before, I already have half the money in the form of grants. I’m thinking I’ll probably have to take out both loans, but I wanted to get people’s opinions on it first.</p>
<p>Are you living on campus? If so you can save money by signing up for the least expensive meal plan and buying your own food in addition.</p>
<p>You can also save money on books, transportation, misc expenses. </p>
<p>If you live off campus your room & board expenses will be quite a bit less.</p>
<p>My son has never spent more than $20K/year in the 3 years he’s attended Cal Poly so far. Last year his rent was $400/month ($4000 total) and food/utilities/books + all other expenses ran $1300/quarter. So that’s $8000 where Cal Poly has a budget of $15,000.</p>
<p>I agree with TacomaJoe - take the subsidized loans if you need them, and only take the unsub if you absolutely have to.</p>
<p>It sounds like your son has been smart about spending money. It makes me feel a lot better knowing he only spent 20,000 tops a year. Yes, I will be living on campus, but I have checked out the meal plans and already have decided against them. I am a transfer student and will be living in Poly Canyon Village, I plan on buying groceries (rather than buying meals on campus) and cooking in my dorm to save money. Someone told me I would have to accept both loans in order to cover my tuition and expenses (???) Anyways, thanks!</p>
<p>If you take the grants + the subsidized loan, that gives you $17,920. Do you have any money at all? If not, then you should probably take the unsub loan and pay back as much as you can if you have any extra money at the end of the school year.</p>
<p>That’s smart to not get the meal plan if you’re living in PCV. You can buy food at Albertson’s for a lot less than the campus markets.</p>
<p>I should mention that my son doesn’t eat much - I’d be happy to have him spend more on food, but he mostly grabs food at the food trucks on campus during the day and eats something from Albertson’s or Trader Joe’s for dinner.</p>
<p>I think if you opt for direct deposit, your money will be in your checking account when you arrive on campus.</p>