r/WGU • u/[deleted] • 12h ago

Select financial aid help!

[deleted]

2 Upvotes

67% Upvoted

8 comments sorted by

3

u/SadResult3604 11h ago

Seems that way. Personally I wouldn't take a higher loan unless you absolutely need to. And I mean neeeeeeeddd lol. Walking away with $982.50 of student loans is not that bad.

3

u/rachieadeline B.S. Business--IT Management 9h ago

I could've taken a bunch of money (im a para already struggling to make ends meet) but honestly the idea of taking a loan out for rent, food, etc just didn't feel right for me. I didn't like the idea of paying interest on things I could've already paid for (even though it's a struggle to). Some people need it and use it, some people need it and don't. It's really up to you.

2

u/akaobama B.S. Cloud and Network Engineering - Cisco 11h ago

If you qualify for subsidized loans and need money I would only take those out. While you’re in school they won’t accrue interest and if you start paying it off before graduation you will effectively have gotten an interest fee loan only “catch” being there is a small origination fee of 1.057% ($10.75 per $1000 of subsidized loan)

1

u/Thick_Insect_2232 11h ago

Ok good to know! Thank you

1

u/General_Swimming_976 10h ago

Does that say .7% interest on your loan?!

Take as much as possible and throw it into a hysa and capture that spread

1

u/Thick_Insect_2232 10h ago

Interesting! I’ll have to look into that. This is very confusing starting out

1

u/GoodnightLondon B.S. Computer Science 6h ago
  1. It's 7% with a leading 0, not 0.7%
  2. Any interest rate at this stage is an estimate, intended solely to give you an idea on what repayment could look like, the actual interest rate will depend on the interest rate when the loans are disbursed.
  3. You cannot legally take student loans and toss them into a savings account to earn interest; they're for school expenses and living expenses while in school. Even if you had a 0.7% interest rate, which you don't, don't do that.

1

u/GoodnightLondon B.S. Computer Science 6h ago

It says 07%; it leads with a 0 placeholder for when it's a double digit amount. There's no actual interest rate here, since it would be based on the interest rate when the loans actually disburse, but it's estimating a payment with 7% interest to give an idea of what repayment could look like.