Anyone a college student receiving loans?

[newbie~wan]

Does anyone know what it means for a loan to be "unsubidized". To be honest ,when I filled out my student loan application last winter, I didnt really understant what I was signing up for. Now, my loan has been approved but it is called a "federal unsubsidized loan". Does that mean that I start accruing interest immediately, or does interest only start to accummulate after I graduate?

I figured there be many students in the forum. The college financial aid office has a phone line that ALWAYS rings busy. They are so behind the times....

[NeoStarO1]

It should only start incurring interst after you graduate college. Most student loans usally have those terms where you don't need to pay untill you graduate from college, then give you a pre-set amount of time of grace period after graduating to start paying on the loans. Call your college finicial office and they can help explain to you what the different terms mean. You can also try looking up your type of loan on the federal student loans page and see if that question is covered in FAQ, if not they should have explainsions of all terms.

If the college phones are constantly busy, phyiscally go to the office and ask for explanation of terms. Don't let that busy signal stop you from getting the answers you are intitled too.

Me personally I stay away from loans cuz i don't want to be in debt after graduating. I do my purely on grants alone.

Most college you can do that on but if you go to a private tech school they usally charge much more and grants alone won't always cover all expenses.

[vass0922]

Subsidized is as neo says interest free until after you graduate, at which point the interest takes over.

Unsubsidized means you're getting nailed right from the beginning

yeah loans suck.. I couldnt' get any grants when I was in school so I just sucked it up and took out loans. I should be done paying them off in 30 years lol

[newbie~wan]

I guess if mine is unsubsidized I should find out what my interest rate is and maybe not take all the money they approved me for. Sheet, unsubsidized, thats BS!!!! (I wonder if I didn't even apply for a subsidized loan, though.... )

I've become much more financially, economically, and politically savy just in the past few months. I didn't know jack at the time........stupid me.

[NeoStarO1]

Well fi that is the case, then before accepting the loans, I would definatly ask your financial officer of the school to "EXPLAIN" the terms clearly where you understand them, if it does in fact nail you with intrest from the beginning tell them you do not want that loan, It might also have terms were payments need to start now and not after you graduate. I double check on those before accepting the funds. I been nailed in the past on students loans and that is main reason why i refuse student loans.

See if the terms can be changed from unsubsized to subiszed. gee hard word to spell. anyhow. let us know how it goes. If you applied to that loan usally they appy elsewhere. but you have option to accept or deny.

[Gomer]

20K in the hole here... only 3.5K unsubs. Repayment begins in a couple months YAY!

[willy_ph]

In Canada we don't have unsubsidized loans, unless you obtain a loan from a bank, but they are usually called lines of credit.

All student loans are subsidized by the government. 60% from the provincial government and 40% from the federal government and repayment begins 6 months after graduation, or immediately if you drop out.