TripTrip wrote: LexLeon wrote: Searchparty wrote:
I too am a little confused on the base loan requirement. I am international so instead of federal loans I am being offered $25K of Harvard loans at a fixed interest rate of 7% in addition to the required $15K supplemental loan requirement. The thing is I have family members willing to loan me money at a much lower interest rate and I would thus really prefer not to take out the Harvard loan. If I can get a loan agreement notarized with the individual can that work or would it have to be through an educational lending agency? I don't understand why I HAVE to take out these private loans when I can get them the money on time anyway...being international makes applying to loans a pain in the ass as is.
Take it out, and pay it right back.
I wonder what HLS's opinion on that would be.
The loan agreement oughtta be enough. You just need to show that you did take out at least $15k in loans and indeed needed that grant.
You'd first have to wait for your loan servicer information, or else you wouldn't have anywhere to send the money. However, I really don't think that they are privy to your payments in real-time (ie, I doubt they get notification). I don't think they care how quickly you pay off your loan... Really, your family could be willing and able to pay it off. If your assessment of need was honest and true, then so be it. Just like they don't expect parents to be able to contribute their assessed parental contribution amount - they shouldn't expect that the parents (or other relatives) can't provide you aid to pay-off your loans.
And, since they really don't have any verbiage on the subject....