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StudentFinAidInfo - Student Financial Aid Information - Direct Student Loans
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Financial Aid FAQ
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Welcome to StudentFinAidInfoStudentFinAidInfo - Direct Student Loans Grace Period Question: What is the grace period situation with Direct Loans?
I have a Federal Direct Loan from college and I'm graduating with BA in psychology in August, but may have to wait a year before I get into graduate school, since I'm not really sure about online grad school. Since I may be out of school for longer than the six month grace period in between, would I have to start repaying loan before and during the time I'm in grad school? I don't really know how any of this works, but I'm a bit worried. Any information would be appreciated. Thanks.Answer: The grace period is 6 months. Provided you have not already ...
The grace period is 6 months. Provided you have not already used it. My professional recommendation would be to allow your grace period to almost completely expire and then request a deferment if eligible, or a forbearance if deferment is not an option. Make sure to make any interest payments you can.
Hope this helps!Question: Direct student loan question?
I'm a freshman, and recieve $3,500 in loans for this school year. Is it wise to begin paying them off NOW if I'm able to, as opposed to waiting until after grace period? Wouldn't this enable me to not pay interest? What would be the disadvantages of this? Rather than making monthly payments, if I ever saved up enough, couldn't I pay in large incriments?
How would I even go about paying them off? That's an idiotic question, but school's financial aid office don't answer anything.
*my loan is subsidized.Answer: Yes! Starting paying now while you don't actually owe ...
Yes! Starting paying now while you don't actually owe yet. I have a direct loan I am currently paying off. I left school so I had to start paying 6 months after I left. The interest will kill you if you don't start paying what you can now. TRUST ME!!Answer: Don't start paying them now......Pay them later because ...
Don't start paying them now......Pay them later because that way you could find many ways to pay them later on in the future..Every year money market changesAnswer: you have 6 months after you graduate to start making monthly ...
you have 6 months after you graduate to start making monthly payments if you want to pay them off now to avoid interest rates you can do that !!! but why stress over the money now cause you might have to take some more loans before you r done!!! so I would wait and do the payments all together or just save now and when ur done with school just send the money back in!!Question: Can I ask my college to change the PLUS loan they give me to a Perkins Loan or Direct Loan?
my parents can't afford to pay it.
I have 2 kinds of Loans in Financial Aid Package: a Federal Subsidized Stafford Loan - $3,500 and a Federal Parent PLUS Loan - $3,946 .. I am wondering how come I don't have any Direct or Perkins Loan when I got some in other financial aid packages.. are they trying to trick me? if parents dont qualify for the PLUS loan, will they give me a different kind of Loan? I am a HS senior, so it is first year. I am in California. ok. Answer: Have you already accepted any of the loans? I would ...
Have you already accepted any of the loans? I would recommend you speak to your school's Financial Aid Advisor. I do not think it is a case of the college trying to "trick" you, but it is possible your situation changed in a way that affected your financial aid package.
Each loan program has varying qualification requirements. Your eligibility is determined by the information submitted on your FAFSA. The type of aid you are offered depends greatly upon submitting the FAFSA before the March deadline, and your estimated family contributions.
How long have you been in school? The Perkins Loan has a maximum amount, and once is has been reached, if needed you will be offered a new funding source.
As far as your parents paying the loans, have you already completed your studies? Loans generally are not due for payment until 6 months after you graduate. Even then you can apply for financial hardship deferrals that give you a grace period of several years, if needed.
Which state are you in? Were you offered Work Study along with your loans? Did you receive the maxuium in grants? Have you made successful academic progress? All of these thing can have a bearing upon the amount of aid you have received.Question: How do I defer the Federal Direct Plus Loan that I took out so I can start paying AFTER I graduate (in 4 yrs)?
Answer: Ang: To receive an in-school deferment, you'd have to contact ...
To receive an in-school deferment, you'd have to contact the Direct Loan Servicing Center, and get the form:
https://www.dlssonline.com/borrower/DefermentFormList.do?cmd=initializeContext Question: Can anyone directs me to websites...?
I'm hoping ot study in the United States very soon, so can anyone direct me to some websites where I can find information on grants and scholarships please?Answer: Scholarships and grants are great ways to pay for school ...
Scholarships and grants are great ways to pay for school because you don't have to pay them back.
You can read about grants here: http://www.studentfinancedomain.com/financial_aid/college_grants.aspx And scholarships here: http://www.studentfinancedomain.com/financial_aid/college_scholarship.aspx Here are sites that offer grants: http://www.fedmoney.org/ http://www.freegovmoney.net/ http://www.grants.gov/ Here are sites that offer international scholarships: http://www.internationalscholarships.com/ http://www.internationalstudent.com/scholarships/ http://www.iefa.org/search.php http://www.edupass.org/finaid/sources.phtml http://www.usastudyguide.com/Financial_aid.htm Here are some sites that list the best USA universities to study in for international students: http://www.studyusa.com/ http://www.usastudyguide.com/ http://www.petersons.com/acuus/code/psec... Here's a site that gives you advice on how to apply to colleges in the USA: http://www.collegeboard.com/student/appl... Good luck! Question: Paying for Financial Aid/Direct Loans?
My school loans are around $200k by the time I graduate from grad school. The interest rate is 6.8%, but with prime rates being so low these days (currently 5.25% and continuing to get lower), is it a good a good idea to get a $200k loan from a bank and pay it off with educational loan?
Thanks!Answer: Hi, The Prime rate is for the best customers such as Bank to ...
Hi, The Prime rate is for the best customers such as Bank to Bank. If you take a look and I am sure that the student loan rate will be able to get is higher and adjustible. I also here that due to the credit crunch multiple banks are cutting back on student loans.
There is also some Tax breaks that you have with student loans plus depending on the job you end up with they may also help you with the payments. Good luck. JG.Answer: If you are thinking about getting a loan, then you should ...
If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don?ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best deal. When searching for a loan, it pays to do your research. Look for as many suitable lenders as you can, so that you can find the very best deal. There are many online pages thatyou can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time.Question: FAFSA Direct Loan payments - Bi-weekly?
I will be graduating from grad program in couple of years, and was wondering if it's possible to repay direct loans on bi-weekly payments to shorten the length of payment?
any ideas?
ThanksAnswer: You can always prepay without penalty. Why do you need to ...
You can always prepay without penalty. Why do you need to be put on a fast-track schedule? Just pay more when you can.Answer: I wish this were problem. I can't afford to repay ...
I wish this were problem. I can't afford to repay loans right now at all.Answer: The Direct Loan Servicing Center will automatically put you ...
The Direct Loan Servicing Center will automatically put you on a monthly payment plan, the Standard Repayment Plan which consists of a minimum of $50 per month or whatever it takes to repay the loan within 10 years (or up to 30 years if the total debt is over $30,000).
There are absolutely no pre-payment penalities on federal Stafford student loans, so you can choose to pay more than your minimum payment or more often than once per month if you wish. They will not be able to set you up on a plan in which they will give you a due date for this extra amount or extra payment, you will just have to go ahead and send it to them yourself. So long as you pay at least the minimum monthly payment by the due date, anything above and beyond that is at your own discretion.
Good for you though! You've made a wise decision which will save you money in interest in the long run. |