Hi there! So I pay tuition, I live at home and am a graduate student on my final semester. Tuition is around $4k a semester since I'm part time and I just saw that for my awards, I have an unsubsidized loan of $8k. I've never taken any loans throughout undergrad or grad, I just pay out of pocket but I'm curious about this. I know unsubsidized means it'll accumulate interest but I'm wondering what else the good/bad is about it. Should I just keep paying out of pocket (although this semester is extra stressful because I'm investing in my small business) or try this loan (just take what I need and return the rest)?
Also is student loan forgiveness still a thing? I don't have a gov't job or anything special like that so I don't know if I'm eligible in that way. I know with the change in leadership in the US things might have changed.
Any and all help appreciated, thank you! 😛
Curious about loans as a grad student
byu/Lumpy_Standard_6118 inStudentLoans
Posted by Lumpy_Standard_6118
1 Comment
The interest rate on federal direct loans is nearly 8% this school year. There is also an origination fee. https://studentaid.gov/understand-aid/types/loans/interest-rates
Only borrow what you are prepared to pay back in full. https://www.calculator.net/student-loan-calculator.html
Many schools offer payment plans, so consider that option instead. It’s possible to borrow part way through the semester.