<p>AWARD SUMMARY
Total Summer Fall Spring
Offered $16460.00 $.00 $8231.00 $8229.00
Accepted $9702.00 $.00 $4851.00 $4851.00</p>
<p>Okay, what’s the difference between offered and accepted? What’s the actual amount of money I’m getting?</p>
<p>Wow, I haven’t seen anything that looks like that. I would email, or call them. How do you know what portion is a grant and what is a loan? Is the loan subsidized or unsubsidized? Does it tell you the COA and your EFC anywhere?</p>
<p>Never mind, I figured it out. Turns out Binghamton’s total cost for a NYS resident living on campus IS $16460…which means I’ll be paying $6758 a year. By the way, what exactly is the difference between an unsubsidized loan and a subsidized one?</p>
For all those who are looking at this more recently, an unsubsidized loan is lent from a private bank or possibly the federal government at a ‘regular’ interest rate, which may be fixed or change with inflation. Interest rates for government financial aid are about 4.3% and a private bank will give you about 4.9% (assuming you choose a technical or business major… art majors will never get these rates from a bank). When a loan is SUBSIDIZED the government will pay a portion of the interest leading to an effective interest rate that is less than 4.3% or whatever the number is. The terms of repaying the loan are also more forgiving.
tl;dr … subsidized loans are cheeper and often more forgiving. They are based on financial NEED.
I thought Binghamton in state was $25000 per year? I assume this is need aid and not merit?
Not entirely accurate. Federal Direct Loans, both subsidized and unsubsidized, have the same fixed interest rate (currently 4.29%). Subsidized means that the federal government pays the interest while the student is still a qualifying student, during the six months after leaving school, and during any period of deferment. With an unsubsidized federal loan, the student is responsible for paying all of the interest. Subsidized loans are available based on financial need, as determined by information reported on FAFSA.
It probably was when the OP posted. This is a 10 year old thread.
Please use led threads for informational purposes only. Closing thread