Comments on: Reader Dilemma: To take or not to take, student loans…. http://www.fabulouslybroke.com/2009/09/reader-dilemma-to-take-or-not-to-take/ Just a Girl trying to find a balance between being a Shopaholic and a Saver Sun, 12 Feb 2012 21:24:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Lacey http://www.fabulouslybroke.com/2009/09/reader-dilemma-to-take-or-not-to-take/comment-page-1/#comment-47797 Lacey Sat, 24 Jul 2010 04:30:58 +0000 http://www.fabulouslybroke.com/2009/09/07/reader-dilemma-to-take-or-not-to-take-student-loans/#comment-47797 I know this is probably too late, but she is still eligible to take out her loans into the school year (or at least, that's how mine are working). If she needs to, she should take out subsidized first because they don't accrue interest the way unsubsidized loans do. She also does not have to take out the full amount if she chooses not to. Say she needs $1000 of the $4000 odd amount. She can just nab that. The way my loans work is that I don't have to pay them back until after I graduate, and can work on paying them back even before then. If she takes out the loan and then comes into some money, she can pay it back before she is required to, with no 6.8% interest (as she would if they were unsubsidized). At worst, if she really thinks she'll get into a bind, she can take out a set amount and place it into an account in case she needs it. If she doesn't use it, she can return it to her loan provider, and if she does need it, it will be there. Based on personal experiences, I would go with the last option and try not to touch the 401K/grandmother/savings money. She may not always have access to the loans, and may later need something to fall back on/repay them later with. Sorry it's so late; I hope it helps :/ I know this is probably too late, but she is still eligible to take out her loans into the school year (or at least, that's how mine are working). If she needs to, she should take out subsidized first because they don't accrue interest the way unsubsidized loans do. She also does not have to take out the full amount if she chooses not to. Say she needs $1000 of the $4000 odd amount. She can just nab that. The way my loans work is that I don't have to pay them back until after I graduate, and can work on paying them back even before then. If she takes out the loan and then comes into some money, she can pay it back before she is required to, with no 6.8% interest (as she would if they were unsubsidized). At worst, if she really thinks she'll get into a bind, she can take out a set amount and place it into an account in case she needs it. If she doesn't use it, she can return it to her loan provider, and if she does need it, it will be there.
Based on personal experiences, I would go with the last option and try not to touch the 401K/grandmother/savings money. She may not always have access to the loans, and may later need something to fall back on/repay them later with.

Sorry it's so late; I hope it helps :/

]]> By: BWelch http://www.fabulouslybroke.com/2009/09/reader-dilemma-to-take-or-not-to-take/comment-page-1/#comment-24909 BWelch Sat, 12 Sep 2009 21:44:41 +0000 http://www.fabulouslybroke.com/2009/09/07/reader-dilemma-to-take-or-not-to-take-student-loans/#comment-24909 If it were me, I'd use the inheritance and the 401k money before taking out a loan. If it were me, I’d use the inheritance and the 401k money before taking out a loan.

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