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I'm new to the student loan world, which I find very confusing.
Here's my question:
I'll be attending graduate school starting next month. My program is for 12 months, August 2001-August 2002. I have been approved for a Stafford Loan--$8500 subsidized and $10,000 unsusidized. I want to use the loan money to pay tuition, which is about $5000 per semester.

I got my tuition bill today for fall, and with the loan money figured in for this semester, I have $3,816 left over as credit. My question is, should I tell my guarantor that I don't want this money (the $3,816), or do I need to save that money to use to pay my tuition next summer? If I do, I figure that I will put it in a separate savings account or a short-term cd so I won't touch it expcept for summer tuition.

Sorry this is long, but can someone help? Thanks!
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