Confused First Generation Senior

thuydeebird
Fri, 25 Mar 2011 23:24:00 +0000

Hello.

I’m the first person in my family to attend college (we’re immigrants), so I have questions but I really don’t have anyone to turn to (HS counselors are no help at all). So, I have a couple of questions and it would be great if anyone on CC can answer them. Thanks in advance!

First, I don’t really understand how federal loan works. Who do you pay to? Can interest rate ever increase? Once you are out of school, can you pay more than the minimum amount? How do you get the money? Do you get the money or is it automatically given to the college?

Second, how do college actuall give or financial aid money? Do they automatically deduct from what they charge you or will they charge you first and then later reimburse you with the money. Can you use financial aid moneys toward other thing like room and board or book instead of tuition. Also, is it possible for you to get way less financial aid the second, third and hopefully last years. I was given a reasonanbly good financial aid package, but I’m afraid that they are only being this generous because they want students to come to their school (sorry if I come across as being snotty, I don’t mean it in anyway) and then once the student stay for their remaining years. I can afford my college with the offered fianncial aid package, but they if they cut a lot, I know I won’t be able to afford the college.