So now that the dust has settled ....

[Home'scool]

..... and my daughter has finished her first semester of college, my mind is cleared enough to start managing all these darn student loans!

 

I find the whole system confusing. We did not receive anything in financial aid other than an unsubsidized student loan for my daughter.

 

So this is what we have right now:

 

1) She has an unsubsidized student loan that she will be taking every year. She will be responsible for the principal and interest once she graduates, but we told her we would pay the interest from now until graduation. I didn't want the interest to just keep growing and growing while she was in college.

 

2) We have a Parent Plus loan to cover the difference in cost, which is our responsibility.

 

I am trying to get all the paperwork organized because the people you get the loan from are not the people you pay. They turn it over to another company. So that is four sets of passwords and websites. Then there is the issue of applying for a new Parent Plus loan every year along with sending in all our financials again to FAFSA.

 

Are there any websites (or anyone been there and figured out a way) for how to organize this all once you have the loans? There is a lot of information about how to get the loans, but once you have them there is still a lot to do and track and I feel like I am getting a little lost in managing it all!

[Myra]

_{I hope someone with experience answer this question as my son, like your daughter, has just finished his first freshman semester. We have subsidized, unsubsidized, and parent loans all to figure out. Last summer, I set up an appt with the college's financial department and they went over everything in detail with me. But I'm thinking I need to go back again this month and have them go over it again - now that I'm a bit more familar with the process perhaps it'll sink in a bit better! I've made a spreadsheet and a list of all the questions I have......}

 

_{post what you find out!}

 

 

_Myra

[Barbara H]

Very smart move to pay the interest on the unsubsidized loans while she's on college. It will make a huge difference.

 

I agree with the suggestion to meet with the financial aid office if possible. They are a resource that is often underutilized.

 

The best website for information about loans is http://www.finaid.org/loans/ I'm not sure they have exactly what you are looking for, but hopefully you can find something helpful.