Loans, Loans, and Loans ...

Today, I began the enrollment process for college.  I signed some papers and did some worrying, but mostly, I applied for student loans.  This took a couple of hours at StudentLoans.gov, where I completed my Master Promissory Note and “Entrance Counseling,” which was basically a very detailed Personal Finance lesson.  Still, I learned quite a few helpful tidbits.

Unsubsidized loans, subsidized loans, PLUS loans, it was all jumbled together before, but everything makes sense now!

-          Unsubsidized loan = interest accumulates immediately after the first disbursement.

-          Subsidized loan = interest does not begin accumulating until your first loan payment.

-          Parent PLUS loan = interest does not begin accumulating until your first loan payment.

-          Loan payments will not begin until six months after graduating or until dropping below half-time status as a college student.

I’m feeling a little better now about this huge commitment.  If I’m forced to take a semester off from classes (hospitalization, financial issues, etc.) I can return within six months without worrying about paying my loans off before I graduate.  Also, if I decide musical theater is not for me after all (not in a million years), I can attend a different college or university without having to worry about paying off loans and taking classes simultaneously.

Now this crucial piece of the puzzle has been finished, on to the next ones!

-          Housing registration survey

-          Personal Bio (whatever that means – It’s gonna take me a while to perfect this one.)

-          Health Certificate

Until next time,

Little Me