Mandatory unsubsized stafford loans and scholarships

<p>so far I have been admitted to USC, committed, and also received my financial aid package.</p>

<p>while scanning through, I had a couple questions:</p>

<p>part of my F.A package was about $2500 in UNSUBSIDIZED Stafford loans, which accrue interest early on.
Am I REQUIRED to take this loan or is it optional even if it was included in my financial aid package?
I know people who were able to cancel their unsub. loans and just keep the subsidized and other ones.</p>

<p>if I am able to, would the money I would be getting from that loan just tag on to my tuition or my parents portion or ...?</p>

<p>also just another quick question, I know its a little late to apply for scholarships, but assuming that one were to receive a local community scholarship during this phase in the college process( after committing and receiving their F.A packages), would he or she have to report that or simply used it for personal expenses, food, or help with initial fees?</p>

<p>Thank you!</p>

<p>Loans are not mandatory. If you do not want your Stafford loans, do not fill out your Stafford loan request. If you want less than the amount you have been offered, fill out your loan request for the amount you want. If you find you need the full amount later in the semester you can request the remainder then. <a href=“”></a></p>

<p>All scholarships must be reported regardless of when they are awarded. </p>

<p>I went back and looked at your previous thread where you asked a similar question. As I recommended there, </p>

<p>ACCEPT your Perkins (the most advantageous loan in your package) and your subs Stafford. <a href=“”></a> . YOU will have to find your work/study job. <a href=“”></a> Keep checking the Career Center <a href=“”></a> to see when the Fall Job fair will be (last year it was on August 23rd). ATTEND the job fair. DRESS for the job fair. BRING resumes to the job fair. BRING a copy of your financial aid award showing your work/study award. FOLLOW-UP on all job leads obtained at the job fair.</p>

<p>There is no need to “cancel” the UNsubs Stafford, just don’t include that amount on your Stafford loan request (again, if later in the semester you find you NEED the unsubs amount, you can request it then).</p>

<p>Buy books used online (use the ISBN number to be sure you get the correct edition), choose the cheapest housing/meal plan option, get a cheaper phone plan, etc. You can cut expenses enough that you can manage with the unsubs. Good luck.</p>

<p>*** REPORT all scholarships, regardless of when they were awarded. Think carefully - would it be sensible to endanger the over $50,000 in financial aid you have been awarded so you can spend a $500 scholarship on personal expenses? Photocopy the check, scrawl your USC ID on it, send the copy to financial aid and ask that it be used to replace UNsubs Stafford (you weren’t gonna use that loan anyway). Pop the money in your bank account and, yes, use it for the start-up expenses such as Orientation (yes, you will have to PAY for orientation). Even if they reduce the USC grant by $500, it is FAR better than endangering your entire package.</p>