Quick loan questions

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
MrSam
Posts: 112
Joined: Sat Jul 11, 2015 1:10 am

Quick loan questions

Postby MrSam » Tue Jun 13, 2017 1:57 pm

Hey everyone! I have 2 quick questions, hopefully, a few 2/3Ls can chime in. I've never had to take out loans for school, so I'm not entirely sure how much to borrow.

1) Would it be wise to borrow the maximum amount that is offered to me? I would be receiving about $30k, after tuition and fees are paid for. If not, what's the best way to determine my budget? I've tried a few of those "budget calculators" but they somehow manage to spit out a different number each time. All of my loans are unsubsidized (plus a small scholarship of $10k/year).

2) If I do end up accepting the maximum amount of aid, and I find out a few weeks later that I don't need it all, can I "return" the extra money without being charged interest on it? From what I can tell, we have 120 days from the date of disbursement to cancel. Not sure if that applies to partial returns, or if that would count as a payment.

cavalier1138
Posts: 4653
Joined: Fri Mar 25, 2016 8:01 pm

Re: Quick loan questions

Postby cavalier1138 » Tue Jun 13, 2017 2:59 pm

1) I recommend it, because the worst-case scenario is that you just take out less the next year. But you don't want to run out of money because you guessed wrong about COL.

2) Ask the bursar's office.




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