Private College Student Loan

Question about Federal Direct student loans?

I am a freshman in college and currently have Federal Direct subsidized and unsubsidized loans. I did very well this past semester and am hoping to get some more money from my school from the Academic Competitiveness Grant as well as a scholarship. Would I be able to drop the loans for next semester only if the money that I (hopefully) get covers my tuition without them? Can you do a temporary loan drop? Help would be appreciated... Thanks.

Public Comments

1. Yes, you don't have to take out student loans if you don't want to. Each year your financial aid award letter is different and if you don't want loans, you don't have to get them. The criteria is very specific for the ACG. You must be Pell eligible and (for your Sophomore year) must have at least 30 college credit hours earned to get the 1300 as a sophomore. If you didn't get the ACG your freshman year, you prob didn't qualify for it. (you never mentioned being Pell eligible and you didn't mention getting the ACG your freshman year.) Did you complete the rigorous high school curriculum that you must do to get the ACG? If you didn't then you won't get the ACG as a sophomore just like you didn't as a freshman. Your grades in college don't determine your ability to get the ACG. They are looking at your Pell eligibility and your high school transcripts.
2. colleges.mywebcommunity.org - it provides some tips about applying to US federal and state grants for college students.