Ambiguous College Terminology

This post is specifically for my college/grad students.
If you’re a college student.
When you take out your loan ensure that you get a subsidized loan (this means your loan won’t start accruing interest until after you graduate), and ensure that you fill out a loan reduction form to ensure that you’re only loaned the amount necessary to complete your requirements.
If you’re a graduate student.
When you take out your loan you’ll only be offered an unsubsidized loan (this means your loan will start accruing interest while you’re in school). Ensure that you fill out a loan reduction form to ensure that you’re only loaned the amount necessary to complete your requirements.
If you don’t fill out this form then you’ll end up receiving loan refund checks. You’ll receive a loan refund check because when you’re granted a loan the school will authorize your loan for the max amount despite you only needing a certain amount, so the remainder is refunded back to you because you didn’t use it. However, once you graduate you’ll end up owing the amount originally loaned to you despite you not using the entire amount for school. Also, don’t forget the interest that will be added in, so fill out a loan reduction form so you won’t be stuck with a significant loan amount far exceeding your school costs.


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