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What is a subsidized loan? |
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A subsidized loan is one type of loan that can help you pay for your education. They are awarded based on financial need. What sets subsidized loans apart from other types of loans is the interest. In subsidized loans, the borrower doesn't start paying interest on the loan right away. Instead, you can borrow the money now and pay back the loan once you're done with school. This can be an attractive option to students who are not working or who are only working part time while they go to school full time.
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How can I qualify for a subsidized loan? |
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To find out whether or not you qualify for a subsidized loan, you will need to fill out the Free Application for Federal Student Aid, known as the FAFSA. This form evaluates your financial status to determine what aid you qualify for from your school, as well as on the federal level, such as nursing student loans. Usually your FAFSA is submitted to your school's financial aid department, and after it's been evaluated, your financial aid adviser offers you a financial aid package, which includes information about any Federal student loans you qualify for.
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What are the benefits and drawbacks of a subsidized student loan? |
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One major benefit of a subsidized loan is that you don't pay any interest until you're done with school. For those whose budgets are tight, this can be a big draw. You have time to get your degree and a good job before you have to worry about your monthly loan payments.
One drawback of subsidized nursing student loans is that you'll have debt for a longer period of time if you're not paying it back right away. Instead of paying while you're in school and making a dent in the loan, you're waiting to start paying it back. So the money you would have put toward it while still in school is delayed.
Subsidized nursing student loans are one option to help offset the cost of your nursing education. Not only do they give you the money you need for tuition, books, lab fees, or other costs, but subsidized loans don't charge you interest until you're done with school, which can help your budget even more while you're busy taking classes.
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