So I just started a semester at a university and things are looking pretty great as far as my financial aid package goes. Like.. really great. I'm on course to graduate without having to take out a single loan, or at the very most, $1000-1500 in subsidized loans to cover the full year. For some background, I'm 23, a Junior transfer student, and have had 2 yrs of high-quality customer service experience.
Now here's my situation: I'm pretty good with money. I can save and secure, and actually have a nice little 3-month emergency fun stashed away. But I will be needing to dip into that E-fund rather substantially (almost deplete it) to cover rent by the end of the semester (after security deposits and estimated cost of living for the semester). I also like to love comfortably, and dine out, go see a movie or show, etc.. so I need some cash as well.
On top of that fact, I know that subsidized loans offer a substabtial grace period, and don't start to accrue interest until 6 months after you graduate. As part of my aid package, I've been offered $5.5k in subsidized loans. Now.. I can acknowledge that I will never get offered a loan as sweet as that $5.5k again in my life. That being said, it makes me consider taking the full amount now, and if I dont use it all I can pay it back later in installments.
I've been told that by the end of this month, my current package is deleted and I would have to reapply for the loans again. I am supposedly able to reapply for these loans at any time I need them, and they should not be subject to change (per my schools financial aid office).
I am also actively looking for part-time work (5-10 hrs/wk), but do not want to waste my time with anything less that $12/hour so it has been tough finding something worthwhile. Also I'd like something academically related to build my resume. I am hoping to find something eventually but this income should be more of a (maybe/maybe not) aspect of my finances.
All this being said, and keeping in mind I was hoping to attend school with as little debt as possible, what are my ideal options here? Do you suggest I take the subsidized loans, even though I dont necessarily need the full amount because of the way it accrues interest? Or should I take just a small part of the loans ($2000-2500) that I suspect I'll need to keep my E-fund safe, and come back for more later? Should I just use my E-fund up? What's the general experience in paying back subsidized loans after graduation?
Note: I'm also very unhappy with my living situation currently and hope to move next year. I expect little to no change in my financial package, and will expect an increase in rent for a desired place.
I know it's a lot to think about, but you all seem so helpful that I thought I should get outside opinion. Lol. Just tell me your experience and thoughts on my situation. Thanks in advance!
Submitted September 14, 2018 at 12:32AM by Eagleeye412 https://ift.tt/2NcAY2b
