Hello everyone,
I decided to go back to school this year. I already completed my undergraduate studies in Europe but decided to start all over again here. Now everything is new and confusing as I am not familiar with USA school system.
I want to complete my first two years at Community College and then transfer to University. My community college told me that I am eligible only for unsubsidized loan. When I wanted to apply for it, my advisor asked me to think again if I really need it for community college or it might be better to save it for more expensive University.
My question is: how does this kind of loan work? If I dont take it the first and maybe the second year does it mean I will have more for the last two years at University? Or is it determined every year how much you can get? My advisor was super confusing.
What do you recommend?
Unsubsidized loan will have interest accumulated immediately. Are you sure you need the money now or you can wait till later?
Thanks for your reply. I guess I will be fine without it during the first school year but wanted nevertheless to have some (just in case). Would the interest be charged if I dont use it? But I am more interested in how it works for all four years.
Intetest will start to accumulate once they put money in your student account even if you do not use it.
There is a maximum amount you can receive for Stafford loans, but there is also a maximum amount you can receive for each year. The maximum for a freshman is $5500. If you don’t take that as a freshmen, your lifetime maximum is still available, but for sophomore year you can take $6500 allow to sophomores, but not the $5500 you passed on as a freshman. Yearly amount disappears, lifetime amount is still available to you.
I take it you are a US citizen and none of the credits from your other schools are counted here, that you are considered a freshman?
I had the same question as the above poster. Why another bachelors if you already have one? A bachelors program is four years long. A masters is two.
Loan Limits
Dependent / Independent
freshman 5,500 / 9,500
sophomore 6,500 / 10,500
jr 7,500 / 12,500
sr 7,500 12,500
Lifetime limit 31,000/57,500
Graduate 20,500
Lifetime limit including undergrad loans $138,500 for graduate or professional students
https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized#how-much
Once you pass up one year’s loan, you can’t get that back later.
Are we all on the same page?
By “undergraduate studies” do u mean university studies?
Thank you for your replies. I do have BA in English Language and literature from a non english speaking country in Europe. Considering that English is my second language as well I don’t want to pursue a career in something I am never going to be good at as native speakers.
And I am not a citizen only a permanent resident.