What is the difference between a subsidized and an unsubsidized Stafford Loan?

As its name implies, a subsidized loan is one where the government pays the interest on the loan while the student is in school. An unsubsidized loan is one where the government does not pay the interest while the student is in school. More.

Both of these loans are federal loans and are only awarded to students who meet the federal requirements. The subsidized loan is a need-based loan that the federal government pays the interest on while the student is enrolled at least half-time in an eligible degree program. The unsubsidized loan is not need-based and it begins to accrue interest when the loan is disbursed.

A dependent student cannot get an additional unsubsidized loan unless the parent PLUS loan is denied by the lender. All federally eligible students qualify for student loans — whether they will get a “sub” or an “unsub” depends on their financial need. Both of these loans go into repayment six months after graduation, after a student drops to below half-time status, or after the student withdraws from an academic program.

Year in School Loan Amount Additional if PLUS denied Total Amount Freshmen $5,500 $4,000 $9,500 Sophomore $6,500 $4,000 $10,500 Junior $7,500 $5,000 $12,500 Senior $7,500 $5,000 $7,500 All ... more.

If you have subsidized loans you will not be charged interest while you are enrolled in school at least part time, during a grace period, or during authorized periods of deferent. Interest will begin to accrue when you enter repayment. Repayment usually begins within six months after you graduate, leave school or do not enroll at least part time, which is six semester credits.

You must demonstrate financial need for this type of loan. If you have unsubsidized loans, you will be charged interest from the day the loan is disbursed until it is paid in full, including in-school, grace and deferment periods. You may chose to pay the interest during these periods or it can be capitalized – that is, the interest will be added to the principal amount of your loan and additional interest will be based on the higher amount.

This type of loan is not awarded on the basis of need. More.

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