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Federal Direct Student Loan
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Chad Said:How to get my course textbooks I ordered online applied to my Federal Direct (Student) Loans? A check maybe?
We Answered:Four weeks after school has started the financial aid department at your school will send you the extra money from your grants and loans.
You then can then use this money to "pay yourself back" for buying those books on amazon. No receipts needed!!!
Christina Said:What happens if I decide to repay my Federal Direct Student Loan early?
We Answered:Yeah, you'll save yourself the interest on it. Fed direct loans also don't have a prepayment penalty, I don't think, though you should look into that.
Consider, however, what your interest rate is.....I have two sets of loans, one with a set rate of 6.65% and one with a rate of 2.85%. I'd pay off the 6.65% if i had the funds, but even if I won the lottery tomorrow I wouldn't pay off the ones at 2.85% because you can make a lot more by investing it. A lot of online banks will give you a 4-5% return on your deposits, so it makes more sense to take the money you'd use to pay off the loan and just deposit it (or even buy low-risk bonds, etc., if they have a higher return than your interest rate) because that will be more beneficial for you in the long run.
Raymond Said:Does a Federal Direct Student Loan require a parent signature ?
We Answered:It all depends on what you want to get out of it. Check out my financial aid blog for more financial advice info and more useful ideas
Dan Said:Can I start paying off my federal direct subsidized student loan?
We Answered:You can absolutely do that, however, if I were you and were still a student, I would hold out on paying a subsidized loan. Subsidized loans do not increase with any interest while you're in school, but it is the UNsubsidized that does. There are no setbacks from having loans while applying for next year's loans... they understand you're in school. A.)You can allow the money that you have to sit in a savings account 'til you graduate or B.) use it for text books C.) Pay off the loan "just because..."
April Said:Is it better to accept direct Federal student loans or ones offered through my University?
We Answered:When I got my last degree, I was told the Pell Grant I was getting. Then I was allotted a certain amount in Direct and Perkins=Federal Loans. So, like my other bachelor degree I assumed that was it. Those are like Sallie Mae or Wachovia loans too. Which I was aware of. My school did not inform me that I was getting another too. So a month after I graduated my Sallie Mae, and Direct Loans came to me. Then a week later I got this loan from some company I have never heard of before. It was offered through the University. I had no clue. So, I thought it was private. I went through FASFA or Sallie Mae's website to consolidate my loans because the payments were outstanding for 3. So, I had to go meet with the Default Counselor at my school to see if this was the right choice I was making. He pulled my name up and told me I had 3 government loans out. I was confused. The loan, I was unaware that my college granted me was through the government.
I told this counselor, I never had this problem before. He told me because I was going to a private, non-state funded college that the school has their own programs with the government. I was never told that. It was no different than any other loan. I was not in the position to pay for the third loan.
Also, have you been to college before? Well, it clearly stated in my handbook that transferred credits are refundable up to $100.00 a credit hour maximum $400.000 per class. I had $10,000.00 coming back to me when I graduated in transfer credit and $2,500.00 in unused Pell or something. So, I was done in December and I went to get my money that the school was holding as I was told. I had 60 days to get this money. They failed to do that too. They told me Bank of America was holding my funds and they were bailed out and my money was held at a new bank and they could not go through the new process in 60 days. I called Bank of America on my own. They talked about a bailout but did not go through with it. No loans or holding were sold to another bank. I lost $7,500.00. Bank America asked me the school and said they need a line just for that college.
I would say to stick with the Federal because you know where your money is. I have never had a problem until I started this private college! Keep checking in with the Student Loan Office and kept informed what is happening.
Jeanette Said:Can a person get a direct student loan from the federal government and get ssi benefits as well?
We Answered:You don't need 2. Just get the student loan
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