Understanding my Aid Offer

Paying for College
1

<p>In my aid offer, two of the aid types listed are:</p>

<p>Federal Perkings Loan - UG
Fedl Sub Stafford Loan</p>

<p>Question 1) What kind of loans are these? Will I have to pay interest before I graduate? And if I go to grad school, would I have to pay interest while in grad school?</p>

<p>Question 2) I was also offered some work study, but only about $2k. Do they tell you exactly what job you are to have? Or do you have to find one youself? I don’t really know anything about workstudy.</p>

<p>Question 3) $2k in work study per year sounds like it would be a very minimal job. Do you have to work exactly that amount, or can you ask for more hours in the same job to make some extra money?</p>

<p>Thanks!!</p>

<p>Edit:</p>

<p>One more question: For “Books and Supplies” it lists the cost as $1,488. If I can save money by buying used books and cutting other corners, do I get to keep the difference, or do they just reduce my aid? Thanks.</p>

2

<p>1) You will not have to pay anything on either loan until you graduate, and interest will not accumulate until then–and you will have a several month grace period after graduation. Payment can also be postponed if you are in grad school. (I am not sure if interest accumulates while in grad school.)</p>

<p>2) Usually with work study, there will be a variety of jobs available on a first come, first served basis. At my son’s school, they could find out what was available during orientation.</p>

<p>3) I think only that much is available as work study; however, I don’t know for sure.</p>

<p>If you can save money on books and supplies, the savings are your own.</p>

3

<p>Thanks! .</p>