what is unsubsidized loan for college?
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Unsubsidized Student Loans are federally guaranteed loans that are available for students who desire to pursue education, but lack the financial resources to do so. These loans are not based on financial need. Interest on the unsubsidized student loans starts to accrue as soon as the loan is disbursed to the school.
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Direct Stafford Loan. Direct Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. ... Subsidized Stafford loan - A loan for which the government pays the interest while you are in school, during grace periods, and during any deferment periods.
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What is the difference between a Direct Subsidized and a Direct Unsubsidized Loan? The federal government pays the interest for Direct Subsidized Loans while the student is in college or while the loan is in deferment. Interest begins accruing for Direct Unsubsidized Loans as soon as the loan is taken out.
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Parent Loans. ... The federal Parent Loan for Undergraduate Students (PLUS), available through the Direct Loan Program, lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance.
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Unsubsidized Student Loans. Anyone can borrow unsubsidized federal loans, but those who qualify for the subsidized version will save more money in interest.
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If you need to accept loans to help cover the cost of college or career school, remember to borrow only what you need. You should accept the subsidized loan first because it has more benefits. If you have to accept an unsubsidized loan, remember that you're responsible for all the interest that accrues on that loan.
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In July 2012, subsidized federal Stafford loans, which didn't charge interest to students while they were in school, were eliminated for graduate students. ... Graduate PLUS loans are federal student loans that fill in any remaining funding need.
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Unsubsidized Student Loans are federally guaranteed loans that are available for students who desire to pursue education, but lack the financial resources to do so. These loans are not based on financial need. ... Students are not required to make interest or principal payments until 6 months after graduation.
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If you're in forbearance, interest accrues on all of your loans. If you're in deferment, interest doesn't accrue on certain subsidized loans, including Direct Subsidized Loans and Perkins Loans, but interest does accrue on unsubsidized loans.
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Student loans are sums of money you borrow for your education, and pay back over time—in most cases, with interest. Loans will often be part of your financial aid offer from the school you attend. Look for grants and scholarships first, since those don't have to be repaid.
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When choosing a federal student loan to pay for college, the type of loan you take out — either subsidized or unsubsidized — will affect how much you owe after graduation. If you qualify, you'll save more money in interest with subsidized loans.
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Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods. ... Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full.
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Subsidized: Interest is paid by the Education Department while you're enrolled at least half time in college. Unsubsidized: Interest begins accruing as soon as the loan is disbursed, including while students are enrolled in school. Subsidized: No payments are due in the first six months after you leave school.
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The government does not pay interest on Direct Unsubsidized Loans because these are general loans not based on financial need. Borrowers must repay their debt in full, interest and all.
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1. Borrow unsubsidized federal loans first: The interest rates on Graduate PLUS loans are higher than those on unsubsidized federal student loans, which means students will have more to repay.
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Summary: Disbursement is the payment of student aid funds. ... Colleges are required to disburse (or pay out) federal student aid funds, including Direct Subsidized Loans, Direct Unsubsidized Loans, and Federal Pell Grants, at the start of each academic term. Federal Work-Study funds are disbursed as the money is earned.
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Direct Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. ... Subsidized Stafford loan - A loan for which the government pays the interest while you are in school, during grace periods, and during any deferment periods.