Sep
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Legend asked:
I thought only loans if you take, has to be paid back over time with interest. But what about financial aid? My efc is 0 so I am expecting almost free college education. But will that create any liability later? What about refund checks, which are aid not used for tuition?
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Tags: Efc, Federal Grants, Financial Aid, Free College Education, Loans, Refund Checks
September 12th, 2008 at 3:10 am
All the loans you get will have to be paid back with interest. If you can get subsidized loans that is better because then the interest doesn’t start until after you graduate. Grants and scholarships don’t need to be paid back. So get all the grants and scholarships you can and for your loans try to get subsidized ones if possible. I hope this helps. God Bless.
September 13th, 2008 at 3:10 am
As far as the student loans are concerned, yes, you will have to pay them back. Pell grants, and scholarships do not have to be paid back. A pell grant is government money given to you and your college for your tuition, books, and and what ever is left over is refunded to you. This can help pay your living expenses, help pay your bills, or get some additional school supplies. Sholarships are basically donated money given to the person who needs it. ( depending on the scholarship.) Getting a pell grant or scholarship will not create any type of liability in the long run, so you are safe.
September 14th, 2008 at 10:19 pm
Student loan are considered financial aid. Financial aid consist of loans, grants, and scholarships. No, you do not have to pay back grants or scholarships. Yes, you do have to pay back student loans, but not all of them accure interest. If you qualify for Subsidized student loans (based on financial need) the government will pay the interest while you are in school. 99% of students qualify for Unsubsidized student loans (not based on financial need), but they accure interest while you are in school. You can get all of you loans deferred until 6 months after you graduate. If you EFC is truly 0, then you will probably not have to worry about student loans, but that depends what school you attend. Take my advice, if you are trying to go to college out of state, go down south. The quality of education is the same (dispite what you may here) and the tuition is much cheaper.
September 16th, 2008 at 7:00 am
Grants - No
Loans - Yes
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