<p>I’m the first in my family to go to a university and even after reading a lot about how the loans work I’m still confused. If I set up an appointment with a financial advisor would they be able to explain it to me? I feel dumb doing so, but I know that I don’t want to mess up my loans somehow.</p>
<p>Yes, they should be able to help you. Make the appt.</p>
<p>You should read up what you can on student loans, The info on this site on aid is good read. Also make sure whoever you pick as a financial advisor knows how college financial aid and loans work. Many do not.</p>
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What’re you confuse about?</p>
<p>If you are getting the loans through your college’s financial aid office, then any number of experts here should be able to explain anything you need to know.</p>
<p>If you are trying to get loans through some other avenue, then the only advice you probably need is: don’t.</p>
<p>Oh good heavens, there’s absolutely no reason to pay someone to explain loans to you–it’s not that complicated! Post everything about your situation: If you are starting college this fall, provide the details of your financial aid package and costs; if next year, run and post the NPC’s for the colleges that interest you and provide an idea of your and your parents’ financial resources for college. Please also give us a sense of what you DO know about loans–i.e., do you understand what a loan is, what interest is, etc.? With all that info, the experts her will be able to tell you everything you need to know–and for free!</p>
<p>I’m starting college this upcoming semester. The loans are just normal federal direct loans, subsidized and unsubsidized. I don’t know if there was anything I had to do past signing my MPN or if me being 17 changes anything, and my mom has been bugging me about looking into it. I thought I knew what I was doing until she asked that, and now I’m not 100% sure. I also have no idea how to pay off the interest that will accumulate on the unsubsidized loans while I’m still in college. I haven’t been able to find that anywhere.</p>
<p>OK, I can answer the last question. It’s true that interest will be charged on your unsubsidized loan while you’re in school, but that doesn’t mean you have to pay it while you’re in school. You can let it be added on to the amount of your loan and hold off on repaying it until you have to repay the loan itself–which will be bigger than what you originally borrowed because of the accumulated interest. Of course, if you have the money to pay off the interest along the way, you can do so. This webpage seems to explain things very clearly:
[Subsidized</a> and Unsubsidized Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#what’s-the-difference]Subsidized”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#what’s-the-difference)
Read through all of it very carefully, and I think you’ll feel a lot more comfortable with the subject.</p>
<p>Your school’s financial aid office will be able to answer any other questions you have about your loans, but once you accept them and sign the MPN, I think the process is pretty automatic–the money will be disbursed from the federal government to your school and the amount you owe the school will be reduced by that sum.</p>
<p>Anything else?</p>
<p>I’m hoping to be able to pay the interest instead of having the loan be even bigger than it would have been. Thanks so much, the link helped a lot. The only other thing I’m trying to figure out is how to actually go about paying the interest, which I didn’t see on the page… or anywhere for that matter.</p>
<p>You will be assigned a loan servicer, and Direct Loans will send you information about your servicer (including contact info). You will be able to send interest payments to your servicer at any time. Contact your servicer (once one is assigned) to find out their suggested procedure. It’s a good idea to pay interest as you go!</p>
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<p>I figured it would have something to do with the loan servicer. Thank you! :)</p>