Ahh, the first day of class – the day I am reminded that my school does not believe in holidays. That’s right – I’ve got class on Labor Day! Luckily, my first class isn’t until 4pm.
After stepping off the plane last week, I ran around to take care of all the paperwork needed to let me go to class today. This included finally making a decision about my financial aid dilemma. Aside from the usual chastising myself to look for more scholarships, the question really came down to the Federal Loan, a Private Loan, or a Lending Club Loan.
After much talking and deliberating and looking up of interest rates, I decided to apply for the federal loan again this year. This loan will have negative consequences for my parents no matter what – if it’s approved, they will be the ones on the hook for the loan, and if it’s denied, then I will be awarded a Unsubsidized Direct Loan, and they’ll get a black mark on the credit report for being denied the loan.
Even so, we decided this was the best move. Every year we go through this, and every year we decide it’s the best option… which really, in a word, sucks. But it’s the best option because no matter what, I get the loan I need, and the interest rates aren’t too high. My parents just wish I would go ahead and graduate already, so that this stops happening every year!
I can’t wait for the loan to go through (whichever loan that may be) so that I can stop thinking about this for the rest of the year.