I Did It!

**Karen** · 02-20-2008, 11:20 PM

How exciting! We'll all be pulling for you! In it a no-interest loan or something?

**ramanth** · 02-20-2008, 11:24 PM

Congrats!!

**Jessika** · 02-20-2008, 11:43 PM

Originally Posted by Karen

How exciting! We'll all be pulling for you! In it a no-interest loan or something?

Well I know that no matter what the government gives you up to a $7500 loan and I qualified for the maximum amount ($7500) that *will* have to be paid back starting six months after I graduate.

The remaining amount, another $7500, what was I still needed to cover for the first half of the year and what I couldn't get a loan for. I'm assuming its like the school co-signed a loan for me to cover that amount, I can't imagine I won't have to pay it back, but I don't really have any other information on it as the admissions lady at the vet tech institute has been out sick the last few days.

The letter I got implies it is a loan and mentions something about interest rates but gives no specific details except:

[...]has been approved under a program with your school in which your school shares some of the credit risk. Under such a program, your school shares in the credit risk by paying a fee to us at loan origination. Your school may further share in the credit risk by paying your remaining loan balance to us if you default on your loan. [...] Fees paid by the school do not affect your obligation to the school or your obligation to us and may be deducted from the loan proceeds for convenience.

So it's still a little confusing to me, especially the last part, but I'll get it cleared up. To be honest though I don't care as long as it means I'm going to school!

Of course, the cycle repeats in December lol