<p>I'm about 5k short for fall tuition. What type of loans should I look at to borrow?</p>
<p>I have a
$750 unsubsidized federal stafford loan
$400 perkins loan, does the government pay interest on this as well until 9? months?</p>
<p>Should I take both of these out? For the stafford loan, is it 6.5% of $750 per month? per year?</p>
<p>I don't have a credit history b/c I don't have a credit card. My mom is already helping me pay some but I'm still 5k short. I'm not sure if I can get her to cosign for a credit card loan.</p>
<p>The Perkins loan is subsidized while you’re in school and then the rate is 5%. Payments begin 9 months after graduation/leaving school and the min payment is around $50/month. Take that one first.</p>
<p>Why do you only have a $700 Stafford unsub? Is that all they offered you or is that what is remaining after you borrowed the rest? The Stafford limits are usualy much higher than $700…$5500 is the limit for freshmen, subject to COA limitations. I believe the unsub rate is 6.8% per year and it will accrue while you’re in school. You’re only charged interest on the amount you borrow and you can pay the interest (and principal) at any time. Otherwise, payments begin after you graduate. The loan is in the student’s name and requires no credit information.</p>
<p>You need to contact the FA office and find out why you weren’t given the max student loan for freshman - $5500. The problem may have been that your “need” was only $1150, but you can still borrow more to cover your EFC.</p>
<p>Is this for a university or community college. I’ve heard that some community colleges don’t automatically include housing costs in COA.</p>
<p>So for the perkins loan, is that 5% interest plus $50 per month?</p>
<p>This amount is after grants, and after borrowing subdizided stafford loan (1750). Yeah, I’m wondering if the limit for stafford loans increase with class?</p>
<p>COA is about 49k including housing.</p>
<p>My EFC is around 0.</p>
<p>I actually lost scholarship money because I didn’t get the minimum required GPA… I lost 3750/semester.</p>
<p>No, the minimum Perkins payment would include interest. I only mentioned the minimum because most student loans are payable over a 10 year period but your Perkins amount would be so low that it would be subject to the minimums.</p>
<p>Stafford limits do increase with class standing - $6500 for sophomores, $7500 for juniors/seniors.</p>
<p>I just noticed that you’re short $5k for a SEMESTER. If you’re a sophomore, your total Stafford loan amount of $6500 will be divided in half…so you can only borrow up to $3250 for this semester.</p>
<p>Sorry to hear that you lost your scholarship.</p>
<p>Is the 6.5k amount including unsubsidized or is it just subsidized? </p>
<p>I look at my college’s website, and the limit they state for sophomores is 4.5k. So I only have to borrow 4.5k more for my tuition, what other loans can I look at to cover this cost?</p>
<p>You’re a student with no assets/income to really qualify for other loans. You would need a co-signer. </p>
<p>You need to talk to your school’s FA office.</p>
<p>What college is this? </p>
<p>The school can’t set its own limits. The amount is set by the gov’t by school year. You may be looking at the “base limit” loan amounts. You can borrow an additional $2000.</p>
<p>You need your parents to apply for a Plus Loan for what’s left over. If they don’t qualify, then you can get $4k more.</p>
<p>you also need a part-time job. Did you get work-study? If so, for how much?</p>
When you borrow money you have to pay interest on that money. For the Perkins the 5% is the annual interest rate, not the amount of the monthly repayment. So if you borrowed $2000 the annual interest would be 5% of $2000 which is $100 a year that you have to repay on top of repaying the original amount borrowed. The monthly repayment amount depends on the amount of the loan. </p>
<p>The minimum repayment for federal loans is usually $50 a month. But the repayments are based on the amounts borrowed and the interest rate so the higher the amount borrowed and the higher the interest rate, the higher the monthly repayment will be. For instance if you borrowed a total if $30,000 in unsub Stafford loans at 6.8% you would have monthly repayments of around $345 for 10 years and would end up paying around $41,400 which would include $11,400 interest.</p>
<p>A subsidized loan like the Perkins or Sub Stafford the Govt pays the interest until you graduate or drop below half time plus a grace period (9 months for Perkins, 6 for Stafford). Then you start repaying the loan and the interest. </p>
<p>An unsub Stafford you are responsible for the interest from the day the loan is disbursed to you. You can defer the interest until the loan comes due for repayment (6 months after you graduate or drop below half time) but the interest will be added to your outstanding loan increasing the amount of the loan.</p>
<p>You really need to familiarize yourself with loans and interest and repayment terms before you commit yourself to borrowing this money.</p>
<p>You can find all the details on loans, and repayment calculators, that you need at finaid.org. The $4500 amount is the annual limit for Stafford subsidized loans for sophomores. Then you have another $2000 of unsubsidized loans available.</p>
<p>So, it sounds like you’ll be taking:
$400 Perkins loan
$4500 Stafford subsidized
$2000 Stafford unsubsidized</p>
<p>Beyond that, your parent(s) can apply for a Plus loan or some other type of loan or you can ask them to cosign a private student loan. I would really try to minimize borrowing more if you can…work more hours, spend as little as possible on books and personal expenses, request a triple, take a smaller meal plan, etc. If your school has a monthly payment plan, see if your parents could pay the balance in installments - those plans are usually interest free.</p>
<p>I was wondering if I take out a 1k unsubsidized loan, how much my monthly payment would be if I pay whilst in school or where I can find this information? I checked the finaid.org and I couldn’t find the information.</p>
<p>I think this would be the only semester I would have to take out unsubsidized loans.</p>
<p>If you are just paying the interest on a $1000 unsubsidized Stafford loan it would be around $68 a year. (interest rate is 6.8% - 6.8% of $1000 = $68).</p>
<p><a href=“for%20all%20schools”>quote</a> and also an additional form called CSSprofile for some schools (usually private schools and nearly all schools that promise to meet full need).
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How? If you are short $5000 for this semester how will this change in the future?</p>
<p>If you are just paying the interest on $1000 then it would be $68 a year which is about $5.57 a month.</p>
<p>Minimum monthly payments on Stafford loans when they enter repayment are $50 a month (more if loans are higher of course). Repayment does not start until 6 months after you graduate or drop below half time for Stafford loans. If you choose to repay them before this I would think you can choose the amounts you want to pay.</p>
<p>A private loan would require a cosigner. The interest rate would depend on how good the cosigner’s credit rating is.</p>
<p>I got my total down to $1230, with the maximum loan amount under a freshmen ($1750 sub and 741 for unsub). I just spoke with a fin aid advisor, and since the grades I took this summer isn’t up yet, I may have to pay $200 in late fees. She said that I would only be able to get an increase for the subsidized from 1750 to 2250/semester, and that the unsubsidized won’t increase, is that true? I’m not sure if each college does this differently, or if she didn’t know what she was talking about.</p>
<p>I assume she means that once your grades are up that would make you a sophomore? In that case the subsidized amounts would be correct - $3500 (for a year) for freshman standing, $4500 for sophomore standing. The unsub amount you can have in addition to the basic amount for a year is $2000 (whatever the year), I don’t know why they would give you less than that if your total aid is not over your COA, unless that is some school policy. </p>
<p>Seems to me that the grades not being up yet is the schools issue - they should be up - so it seems wrong that you would have to pay a late fee.</p>