Pay Off Unsubsidized Loan with Subsidized Loan?
I'm currently sitting at about ,000 USD in loan debt, and am still enrolled at university. I will estimate about ,000 is unsubsidized, making the remaining ,000 subsidized. I was fortunate enough to receive some recurring scholarships last semester that will cover all of my expenses - a full ride, essentially. However, my university financial aid office is still offering me certain amounts of subsidized and unsubsidized loans for this semester.
It occurred to me that if I accept the full amount of subsidized loans and use the money to pay the unsubsidized loans, I could essentially convert my debt to being entirely subsidized in a couple semesters.
My question: is there anything wrong with doing this? Would there be some "gotcha" when I finally graduate? Or is this plan really as safe and smart as I think it is?
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I did this, graduated, and did not explode. Based on this fact, I think you can do it too. There are no gotchas I am aware of.
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