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How do student loans work?

I'm trying to earn a degree online from a local community college, i qualify for a couple grants, but in case I need a loan.. how do they work?

 
wahm_abbeyrose

Asked by wahm_abbeyrose at 7:01 PM on Feb. 9, 2010 in Money & Work

Level 6 (104 Credits)
This question is closed.
Answers (8)
  • You'd need to go into the schools financial office and talk to them. They can set you up with student loans if you need/qualify for them, but try to take all the grants and scholarships you can. Basically if you qualify for student loans which it does go off your credit score, you will be able to use them towards your collage and then pay them back afterwards, you always have the option to pay them while going. As far as how much you'd have to pay would depend upon your cost and the loans, but I will advise that if you qualify for several different types of student loans to consolidate them all as soon as you can.
    Knightquester

    Answer by Knightquester at 2:04 AM on Feb. 10, 2010

  • I dont know, but dont get a private student loan, I did and regret it sooo bad.
    BrittanyD07

    Answer by BrittanyD07 at 7:02 PM on Feb. 9, 2010

  • depends on what kind of loan, unsubsidized and subsidized (sp). one you have to pay or accrue the interest on and it is added to the capital if you don't pay it while you are in school. otherwise you have the other kind that doesn't accrue interest while you are in school and you start paying most of these when you get out of school (6 months). or you can get a private loan through the school or bank and pay little amounts per month while you are in school. you can't get out of the loans unless you are totally disabled.
    angevil53

    Answer by angevil53 at 7:04 PM on Feb. 9, 2010

  • There are a few types. Subsidized, unsubsidized and private.

    Sub loans are where the interest is held off until you start paying back.
    Unsub loans, they interest accrues.

    Both of these loans you don't have to start paying back until about 6 months after you leave full time school. So even if you don't graduate.

    Private loans you follow the terms of the loan.
    kuriequinn

    Answer by kuriequinn at 7:05 PM on Feb. 9, 2010

  • "you can't get out of the loans unless you are totally disabled."

    Wrong. You can get sub and unsub loans if you are not disabled. The loans are based on need and not disability status.
    kuriequinn

    Answer by kuriequinn at 7:06 PM on Feb. 9, 2010

  • The type of loan most students get is a Stafford loan. Its not need based like Pell Grants. There is a maximum you can borrow depending on if you are a dependent or independent student and what year you are in college. You start paying off the loan when you stop going to school. The loans have low interest and you pay back over 10 years.

    That's the basics. You can go to google and type in Stafford loan and read all about it. My sons are going to college and both just got Pell Grants and Stafford loans so we have gone through the process. It was very difficult with one son. There can ge lots of complications for first time students.
    Gailll

    Answer by Gailll at 7:06 PM on Feb. 9, 2010

  • I recommend going to the financial aid office of the school you want to go to; they can help you get the loans and grants in order.
    mogencreative

    Answer by mogencreative at 10:22 PM on Feb. 9, 2010

  • I only got a government student loan. I just did my fasfa and they offered me my grant and then a subsidized loan so I accepted it and they sent me a check in the mail.
    haydsmom2007

    Answer by haydsmom2007 at 10:52 PM on Feb. 9, 2010

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