What if I dont use all my loans?

Paying for College
1

<p>I have decided to attend UC Santa Cruz since it will be no problem to afford.
But I have a small question...</p>

<p>Award Description Category Offered Accepted
Federal Pell Grant Grant 5,550.00 0.00
UC Santa Cruz Grant Grant 15,480.00 0.00
UC Fee Grant Grant 672.00 0.00
Federal Perkins Loan Loan 1,299.00 0.00
Federal Direct Subsidized Loan Loan 3,500.00 0.00
Federal Direct Unsubsidized Ln Loan 2,701.00 0.00
Federal College Work-Study Work/Study 1,500.00 0.00
Aid Year Totals 30,702.00 0.00</p>

<p>The COA is 30,702 for UC Santa Cruz, but that includes everything. The amount in tuition and room and board is around 26,500-26,900 (I forgot)</p>

<p>With the all the grants+perkins loan+ subsidized loan, it almost covers the amount I'd have to pay to the school. I don't want to take out all of the $2,701 unsubsidized if I am going to only need a few hundred from it. For other expenses, my dad and my grandma are opening me a bank account (2 different accounts) and paying me monthly for miscellaneous items. (I also will have a summer job and work during the school year)</p>

<p>What happens if I take out all the $2,701 unsubsidized loans (Just to be safe) and I end up not using it all?</p>

2

<p>It’s not a problem if you don’t use all the Unsub loan. You’ll just have to pay it back with interest. I would expect you to borrow less next year based on what you have left over.</p>

3

<p>Oh so you mean use the first year as a guide?</p>

4

<p>You can use the first quarter as a guide – UCSC probably will disburse your F.A. quarter by quarter (they’re on the quarter system - right?) – you can accept the unsubsidized loan package, so that it is there if you need it, but then choose not to take the loan winter and spring semesters if you don’t need the money. </p>

<p>Good for you for thinking about this now.</p>