Oh boy! Student loan information!

[archcommus]

Grove City sent me a big pack today of freshman orientation and student loan information. Unfortunately, the loans DO accrue interest while I'm in school, currently at a rate of a little over 2%, and after six months out of school that rate (currently) goes to a little over 3%. Obviously it would be better to find a loan that does not accrue interest while in school, if possible. Considering I'm not eligible for federal aid, will this be possible? I know PHEAA (Pennsylvania) offers loans, but I'm not sure if they, too, are subsidized or unsubsidized.

 

[Splork]

All loans accrue interest. The goal is to find someone else to play the interest (i.e., the Federal Gov't) while you're still in school.

-sp

 

[Otaking]

You're not eligible for federal aid?

You should also try some credit unions. The ones near my school offer no interest accrued until after school, and they have no student fees.

 

[Gibson486]

To pay less, you could pay interest while in school, but it sucks doing so. Just stay away from Teri Loans.

 

[Jumpem]

They all do, it's just par for the course. Mine are up to $35k or so.

 

[her209]

You're talking about subsidized loans versus unsubsidized loans.

 

[axelfox]

Wait until your exit interview

 

[Jumpem]

Originally posted by: axelfox
Wait until your exit interview

Or just don't make one.

 

[archcommus]

Right, I didn't mean not accrue interest, I meant subsidized, instead of unsubsidized. However, is the interest for ALL subsidized loans paid for by the federal government? Even ones taken through the state? If so, that would be considered "federal aid," and I would not be eligible for them.

But credit union loans that don't accrue interest at all while in school? Are you sure?

And yes, private school students are often not eligible for federal aid, it's not that weird of a concept.

 

[Jumpem]

Originally posted by: archcommus
Right, I didn't mean not accrue interest, I meant subsidized, instead of unsubsidized. However, is the interest for ALL subsidized loans paid for by the federal government? Even ones taken through the state? If so, that would be considered "federal aid," and I would not be eligible for them.

But credit union loans that don't accrue interest at all while in school? Are you sure?

And yes, private school students are often not eligible for federal aid, it's not that weird of a concept.

Try looking at Citibank's website. My gf and I both have extra student loans through them. Interest accumulated during school if you're wondering.

 

[archcommus]

I need to figure out if a subsidized state loan is considered federal aid or not. It's issued by the state, which is permissible, but the federal govt. pays the interest.

And, if I'm not eligible for subsidized state loans, I need to figure out if there are any other subsidized sources - quickly.