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So, I'm doing Summer 2010 classes. My tuition for the summer is around 3000. I get a Pell Grant for about 1300 and then the rest I have to take out through a Stafford Unsubsidized loan. (I've already taken all the Stafford Subsidized loan) I can take up to 6000 unsubsidized. My question is, can I take out more than I need and have some left over after paying tuition and book, etc and use the rest for personal use? Such as a down payment on a car, a small vacation during my summer break and for groceries and things? The way it works at my college is you take out the loan and when it comes through, it goes straight to paying for tuition and board, then any that is left is direct deposited into my bank account. If anyone has any personal experiences about using an unsubsidized loan for personal use please share. BTW, yes, I am aware of the interest added on during school for unsubsidized loans. Thanks in advance.
I am an independent student and I live on my own. And I know FOR SURE that I can take up to 6000 un-sub. Yes, I was a student in the previous spring (Hence I said I have already used my limit on subsidized loans) At my school, the amount of stafford loan you can take is NOT dependant on how many you are enrolled in. Its all classified into if you are dependent or independent. I have no EFC, no family help, so I am supporting myself. And I think if I want to take a little extra to have a small vacation (trip to Louisiana Beach for warped tour) then I should be allowed. (There's a big difference in going the next state over and a cruise to Figi. I'm not that delusional.)
Be aware that most grant and loan amounts quoted to you are based on full time enrollment for two full time semesters. (Like fall and spring). This includes the loan amounts as well. I say this because your loan amount isn't the standard amount (or even a derivative) or a standard amount awarded (all loans end in increments of 500) and yours does not so it tells me you are quoting an inaccurate amount and one that is very high and probably for the whole year and not just for the summer. ( i could be wrong). All this leads me to say this... When someone is quoted a loan amount it looks like this: Dependent freshman can only borrow up to 5,500 a year, soph 6,500 a year, Jr's and Srs, 7,500 a year in Stafford loans. Their school gets half of this for the fall and the other half for the spring. This is for Sub and Un-sub COMBINED. So if you are being quoted 5,500, then since your summer semester is only 6 hours instead of 12 you would only get HALF of the HALF to borrow. (5,500 / 2 = 2,750/2= 1,375) not the full 5,500. Just so you can be prepared, if I had a nickel for every student who thought they'd be rolling in it and taking a cruse to Figi with their aid only to find it a TON less than what they expected. Yes, I used my left over loan money to supplement my part time job and used it to help pay for my apartment and utilities. Never used it for a vacation though.. i think I would feel better about the accuracy of this answer if I had more info though... your aid package is not accurate as you reported in the question. You are missing something and didn't include if you are a dependent or independent student according to fafsa. knowing that that would help a lot... along with if you attended the previous fall and spring.
You are usually offered the max initially, and if you want to reduce that amount because your tuition and fees are less you can. It certainly wouldn't hurt to ask though.