I will be a freshman in college next year. With the scholarships and grant money I’m going to have, plus in-state tuition, I should be able to easily finance myself with a job, and still have money left over to save. Despite this my family is poor, so I was offered a $2500 subsidized Stafford loan which I understand doesn’t accrue interest until I graduate. I don’t need the loan, but I currently have a savings account that pays 2.35% APY, so I was thinking if I put my loan into that savings account, it would generate about $225 over my 4 years at college. Then I would pay off the loan in full before it ever accrued interest. $225 isn’t a lot, but that would be completely free money. My question is: is this legal, or is there a rule prohibiting this?
Submitted April 04, 2019 at 10:46PM by msw1age http://bit.ly/2UiKxQI
