Can I use a subsidized loan to repay a unsubsidized loan?
I want to take out a unsubsidized loan right now. Next semester can I get a unsubsidized loan to repay that off?
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Answer by Merry
Your first question asks about using a subsidized loan to repay an unsubsidized (which would be a smart move - if it's possible to do).
Your second question says that you want to take out an unsubsidized loan and repay it with another unsubsidized loan. Why would you do that? I'm guessing you worded that incorrectly.
You can only get a subsidized loan if your EFC is low enough to qualify for it. If you qualify for the full amount of subsidized, the most you'll get is $ 3500 for your first year of college, $ 4500 in your second year, and $ 5500 in your third and fourth years. Those figures are divided and paid in equal installments each semester. Financial aid is paid to the school and tuition and fees are taken out first. The rest is given to you for books and living expenses.
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Phone Call with President about Student Loans
Image by MDGovpics
Governor O'Malley takes phone call with president about student loans by Tom Nappi at Governor's Office, State House, Anapolis, Maryland
Orignal From: Can I use a subsidized loan to repay a unsubsidized loan? and Phone Call with President about Student Loans
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