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Should I take a student loan?

What happens if you take a student loan and it turns out to be more than what you need?

  • I'm going to the University of South Carolina next semester and I'm finding that I'll need to take a loan for about $4330 BUT there is the possibility that I'll be getting the LIFE scholarship which cuts the loan I'll need to take to around $2155. I haven't gotten any notification that I have been awarded with the scholarship but I can't see why I wouldn't because I had it at the school I am transferring from and I kept my grades up high. So, if I take this loan and find that I do not need all of it, will it just get sent back to the loan company like a payment?

  • Answer:

    Are you aware if you get a scholarship you must report that to financial aid office which can reduce your campus based aid you get. Also if you mean a federal student loan like stafford or perkins there is no penalty to repay early so if you do not need it, then pay it back early. For private student loans look at their terms to see if there is a penalty to pay back early.

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Other answers

Pay the loan. You want to keep that vampire as well fed as possible so it will be easier to kill when you start your career. Student loans are notoriously difficult to get rid of.

Erich

Just send the extra you don't need back. It will help you pay it off in the long run.

Angela

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