Can anyone help answer these questions for me? I tried reaching out to my schools financial aid office and they provided zero help. Thank you!
1) I understand that I need to take out a Grad PLUS loan this summer to be grandfathered in under the current legislation. Do I need to borrow the full eligible amount in order to maintain that borrowing limit in future years? For example, if I only borrowed a small amount (e.g., $500) this summer, would that limit how much I could borrow in future academic years, or would I still be able to choose the amount each year up to the maximum allowed?
2) My understanding is that the unsubsidized loan would roughly cover one semester of tuition. Are Grad PLUS loans typically divided across the remaining semesters of the academic year? Or how do loans get split across the academic year as a whole?
3) Is there any penalty for repaying a large portion of the loan shortly after receiving it? For example, if I borrowed the full amount initially but later paid back a significant portion based on my financial situation, would there be any drawbacks or consequences?
Posted by tw9_0