Cheryl Winokur-Munk
speaker
1,406 appearances
26 recordings
2 series
first heard Apr 2019
last heard Jun 2025
Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.
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Appearances
Other times, a student might find a summer job and not need to borrow as much as expected, or the person might even receive a scholarship after having checked off the box for a loan.
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And if you receive a scholarship, let's say you were borrowing $1,000 and you got a $1,500 or even $1,000 scholarship, you might not need that full amount of the loan or you may not need the loan at all.
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So you don't have to give it back, but you want to be careful how you use it.
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So you don't want to violate the terms of the master promissory note you signed with the federal government for taking out loans in the first place.
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It really should be used for school-related purchases.
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It doesn't have to be tuition, though.
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So, for example, it can be a computer or living expenses or even food, something like that, things related to school.
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Not really.
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It's kind of like an honor system.
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And certainly people have been known to use funds for things like vacations or something not school-related, but they're not supposed to be used that way, and it's really not in the student's best interest to do so.
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So with a subsidized loan, while you're in school at least half time and for the first six months after you leave school, the Department of Education will pay the interest.
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Whereas on an unsubsidized loan, if you choose not to pay the interest while you're in school and during grace periods, for example, that interest is going to accrue, which means it's going to accumulate and it'll capitalize.
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And so your interest will be added to the principal amount of your loan.
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Either way, you're ultimately going to owe the loan money back with interest.
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How much interest is going to vary depending on whether it's a subsidized loan or an unsubsidized loan.
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Yes, and the timing can be a little confusing.
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So schools have to return the funds within 14 to 30 days of when it's disbursed to you, if you ask them to do so.
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Whether it's 14 or 30 days is going to depend on the school, but that will be spelled out in a letter you receive notifying you of your right to cancel.
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After this time frame, so the 14 or 30 days, many schools are still willing to send the funds back on your behalf.
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Several loan officers actually told me that they're basically willing to do anything they can to help students avoid take out more loans than they need.
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Showing 961–980 of 1,406 · page 49 of 71
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