|
Educational Financing
What is the difference between a Federal Un-subsidized Stafford loan and a Federal Subsidized Stafford loan?
With the Federal Subsidized Stafford Loan, interest does not accrue while you attend school more than part-time. The Financial Aid Office awards this loan on the basis of need according to the Federal eligibility formula. Anyone can qualify for the Federal Un-subsidized Stafford where interest accrues while you attend school.
What if I can't pay the interest while I'm in school?
You may capitalize the interest or add the interest onto the principal of the loan; however, capitalization makes the loan ultimately more expensive.
Should I consolidate my loans after graduation?
Consolidating your loan is more expensive in the long run even though your monthly payments may decrease. Lenders extend the loan period and may even increase the interest rate; therefore, you will end up paying more over time. In addition, when you consolidate you may lose many of your loan benefits, such as deferments and grace periods.
Will I need to complete an Entrance Interview each year?
You need to complete an Entrance Interview only once for each type of loan. For example: All first time borrowers must complete an Entrance Interview for a Federal Stafford and an Entrance Interview for a Federal Perkins Loan if awarded by the Financial Aid Office.
Can I complete any loan entrance or exit interview on-line?
Yes, you can complete entrance and exit interviews on-line for the Federal Stafford Loan, Federal Perkins Loan, Wellesley College Loan, and Plitt-Kirgan Loan.
When can I sign my loan?
If you have a Federal Stafford Loan, American Student Assistance (ASA) will notify you when you are able to complete your Master Promissory Note (MPN) on line.
If you have a Federal Perkins Loan, a Wellesley College Loan or a Plitt-Kirgin Loan, a servicer for University Accounting Service (UAS) called signmyloan.com will notify you when you are able to complete your Entrance Counseling session and Master Promissory Note (MPN) on line.
Student Financial Services
Created: July 30, 2007
Modified: September 10, 2007
|
