which federal loan type is not based on need and students are responsible for paying the interest on this loan while they are enrolled in college? quizlet

Respuesta :

Unsubsidized loans are the federal loan type is not based on need and students are responsible for paying the interest on this loan while they are enrolled in college.

What are unsubsidized loans ?

  • Interest starts to accumulate on a federal unsubsidized loan as soon as the funds are placed into your account. There is no assistance; the interest is solely your responsibility.
  • Unsubsidized loans are available to graduate and undergraduate students alike; no justification is necessary.
  • Your school's maximum loan amount will vary depending on your cost of attendance and additional financial aid you receive.
  • The interest on a Direct Unsubsidized Loan is always your obligation to pay.
  • Your actual loan eligibility may end up being lower than the annual loan cap for any given academic year.
  • You are not permitted to take out any more loans if the total amount of loans you get during your academic career exceeds the aggregate loan limit.
  • To the extent of your remaining eligibility under the aggregate loan limit, you might borrow again if you paid back part of your loans to lower your outstanding loan debt below the aggregate loan limit.

Learn more about unsubsidized loan with the given link

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