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StudentFinAidInfo - Student Financial Aid Information - Direct Student Loans
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Welcome to StudentFinAidInfoStudentFinAidInfo - Financial Aid, Direct Student Loans Question: Direct student loan -vs- non direct loan HELP?
I am so confused.
I took loans out 10 years ago for school, and been in default with the guaranty agency paying default claims.
Unemployed all this time. Now back at work this next week, want to get things squared away but SO very confused.
I pulled up with a PIN non direct and direct loans ttl $77,000. Seems very wrong? Anyways, what can I do as I have called, emailed and tried to get answers and just get a run around.
Should I just WAIT until they catch up to income from work and send me a letter? Right now they have always tried to garnish IRS refunds of spouse
AGAIN read question.
I have called and called and keep getting another number to call and do not know WHERE or WHO really holds this loan. The IRS says one loan is with TG, rest are US DEPT ed now but they keep referring me off....
Unfortunately all the answers so are the info I know.
yes I called the school. Yes I have tried and tried and I started at the ed.gov site.
I realize its bad.Answer: Contact them NOW. Never wait for them, it will only make ...
Contact them NOW. Never wait for them, it will only make things worse. You must repay these loans in full with interest and penalties. Nothing but death will get you out of it. Not
even bankruptcy will stop them from collecting. They already have tried to garnish your spouse's wages, so don't wait for more trouble to come your way.
If you are not sure about the name and address of the specific lender that services your loans, try to track them down by contacting the registrar's office at the school you attended and obtaining the dollar amount of money you originally borrowed. Get the name, phone number and address of the lender who loaned that money. Do this for each loan you took out. Contact each lender and be prepared to give them the dates the money was loaned and original amounts of each loan. They will eventually be able to direct you to the correct agency where you will learn the total amount you now owe.
Remember, these loans have been racking up interest and late charges all of this time, so the amount you owe has grown a lot larger. This will take many phone calls, and lots of time on hold. But there is no other way to do it. You must show that you want to voluntarily pay back the money you owe.
Try to work out a payment schedule that is in line with your current salary. Make every payment on time. Always stay in touch with them and give them your address and phone number if you move.
Best of luck.Answer: Keep calling all the numbers they give you and call them ...
Keep calling all the numbers they give you and call them back if you don't get a response. Don't think twice about 25 or more phone calls. just keep doing it.
Once you are in default, the lenders are allowed to charge all kinds of extra fees on to the original amount, increase the interest amounts and add all kinds of charges. A loan of 10,000 could easily balloon to 4 or 5 times that amount.Answer: Do not wait for them to catch up with you, this is bad for ...
Do not wait for them to catch up with you, this is bad for your reputation. I have a case like this with one of employees. You mentioned that they garnish you refunds, get in touch with them, or you can ask for a copy of the law suit, becasue in order for them to garnish something, it has to be appointed by court. Hope this helps, email if need details. Try to get rid of it asap. You will sleep better at night.Answer: Have you tried the contact information through this site? ...
Have you tried the contact information through this site? http://www.ed.gov/offices/OSFAP/DCS/index.html .
In addition to keep on trying to contact through any of the numbers from the above site, try contacting someone in the financial aid office at the school you were attending. They should be able to help you try and get to the right number/have further information for you.
Good luck!Answer: Have you tried calling a consolidation company. They can do ...
Have you tried calling a consolidation company. They can do all the dirty work for you and get everything resolved in to one payment. They can make the calls and get it straightened out. Then you just have to pay them one payment each month. It is worth a try.Answer: Federal Student Loan is the most common college student ...
Federal Student Loan is the most common college student loan. There are mainly two kinds of federal student loans i.e. subsidized and unsubsidized.
http://best-student-loan-consolidation.we.bs/
Subsidized college student loan: Government pays the interest whilst the student is attending the college. Unsubsidized college student loan: there is no interest free period and you will have to pay the interest with principal amount, after completion of education. Not all students qualify for a federal student loan. In case when students are unable to grab a federal student loan, there is another kind of student loan known as private student loan. Many lenders offer private student loans and the rate of interest vary greatly. http://best-student-loan-consolidation.we.bs/ Private student loan also known as personal student loan or alternative student loan will help you paying the college fees, hostel rent, stationary and other expenses, at much competitive interest rates than credit cards. Nevertheless, private student loan should be only used when there is no option left. You should be very cautious while borrowing money from the lender, as you will have to pay it back with interest. Qualifying for private student loan depends upon the credit criteria established by the lender. Credit criteria mainly differs with private student loan, whether the borrower is a parent or a student. Here are some factors, which decide eligibility for a private student loan. 1) Your credit report 2) Your parents credit report 3) Delinquency problems 4) Excessive debt loads 5) A cosigner will be an advantage in getting a private student loan because when primary borrower fails to repay, that responsibility falls to the cosigner. Before applying for a private student loan you should study the offers at your local financial institutions. Then compare this search with the offers made by the online student loan companies. Only then you will be able to know the best one tailored for you. http://best-student-loan-consolidation.we.bs/ Question: Given both Unsubsidized & Subsidized Direct Loans, How do I know which to use?
I would like to use one over the other first, can this be an option?
And only use portion of the money not all. When and how do I get a refund of the portion I don't use.Answer: If you are given the choice, you will want to choose the ...
If you are given the choice, you will want to choose the Subsidized ones over the Unsub, but they probably won't give you an option. The school will award you the Sub loans if they can (not everyone is eligible) because they are better.
If there is any money left over after all tuition, books, fees, dorms, meal plans, etc are paid for the money will be given to you, usually in the form of a check from the bursar's office of your school.Answer: You ALWAYS want to choose a subsidized Stafford loan over an ...
You ALWAYS want to choose a subsidized Stafford loan over an unsubsidized Stafford loan because with subsidized Stafford loans you don't have to pay back the interest on them. The government will pay your interest as long as you stay enrolled in school. Question: Loan Consolidation Questions (Direct & Perkins)?
So I recently got out of college and thinking about loan consolidation. I consolidated Federal Direct Subsidized Stafford Loan a year or so back before the interest increased to 6.8% (While I was still in school). Since that consolidation, I was still in school and accepted another year's worth of Federal Direct Sub Stafford Loan. I also have Perkins Loans.
Would it make sense to consolidate last year's Direct Fed Sub Stafford Loan to existing consolidated loans? Should I also consolidate the Federal Direct Loan with it too? SallieMae: 5.125% Direct Loan: 6.8% Federal Perkins: 5% If I consolidate those three all together, the weighted interest would be 5.375% Should I leave Perkins Loan out and just reconsolidate SallieMae with last year's Direct Federal Sub Loan? This should be then 5.625% Answer: Most likely. But it would have been better to consolidate ...
Most likely. But it would have been better to consolidate all the loans at once so as not to incur the origination fee. It's much better to consolidate your loans for a number of reasons. If you get into trouble (or just behind) with your loans, it's better to have one loan instead of a dozen.Question: I want to pay off a Federal Student Loan (Direct Loan) in one year. Any restrictions? Do I have to pay min?
Answer: Yes you have a minimum payment amount. There are not ...
Yes you have a minimum payment amount. There are not penalties for paying off early.Answer: No, there are no prepayment penalties on federal Stafford ...
No, there are no prepayment penalties on federal Stafford student loans. Based on your repayment plan, a minimum monthly payment will be assigned to you, but there are no consequences at all for paying more than that minimum payment (as their often is with other personal loans).Question: I am applying for Graduate School and hoping to secure all of the 20,500 that is available for direct loans?
at the Graduate level...I have filled out FAFSA and it says that EFC is 7641....Is that a good number in hopes of securing as much as the 20,500 as possible ? Are there any financial aid gurus here that know this ? Thanks!Answer: In order for you to receive the max loan amount of $20,500, ...
In order for you to receive the max loan amount of $20,500, your Cost of Attendance would have to be at least that much(each schools COA is different) AND your EFC would have to be zero. So to get an estimate of the amount you can borrow you need to find out your schools cost of attendance. Usually schools have this information posted on their website. Note: this is not the amount of your tuition, books and fees. Look for a figure posted that includes such things as transportation, room and board and personal. If this amount is more than $20,500 then you would subtract that amount from your efc. Example: (7641- 20,500 = 12,859) and this MIGHT be a good estimate of the maximum you can borrow. If the cost of attendance at your school is less - say 12,000, then theoretically the max amount you could borrow would be (7641-12,000 = $4,359). This is just a logical guess and I could certainly be wrong, you would need to talk to the fin aid office to be sure. Good Luck. 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.Question: Federal Direct Parent Loan Program (PLUS)?
can someone explain to me what this is?Answer: The PLUS loan program (Parent Loan for Undergraduate ...
The PLUS loan program (Parent Loan for Undergraduate Students) is a loan that your parent(s) can take out for you. So legally, it is a loan that your parents will pay back instead of you (such as with Stafford loans).
There are two methods in which a parent may apply for a PLUS loan: Through an outside lender under the FFELP loan program or directly from the US Dept of Education under the Direct loan program. Either way, there will be a credit checked involved on these loans (in contrast to Stafford loans). The parents credit need not be superb, but it can be denied if the credit history is significantly negative. To inquire on how to apply for a PLUS loan, it is best to contact your school's Financial Aid Department because with most school's they will certify the loan first and give you or your parent instructions on where to go to complete the Master Promissory Note. Answer: A PLUS loan is a federal loan that a parent can take out for ...
A PLUS loan is a federal loan that a parent can take out for their undergraduate student. The loan has a fixed intereast rate of 8.5%. The loan is in the parent name and the parent pays this loan back. You will start repaying this loan after the second disbursement of the loan is made, usually sometime during the spring semester, so if this loan is for the upcoming year, fall 08-spring 09, you will go into repayment sometime in the spring of 09. A credit check will be done on the parent. If the credit is NOT approved, then you will not receive the PLUS loan, however, the student should check with their financial aid office, as their may be the options for them if the credit for the PLUS loan is not approved. If the credit is approved, the parent will have to sign a Master Promissory Note, MPN before the loan will pay,
https://dlenote.ed.gov/empn/index.jsp
Question: What happens if I decide to repay my Federal Direct Student Loan early?
Answer: If you pay all of it, then you don't have to pay ...
If you pay all of it, then you don't have to pay interest, if you only some of it, then you pay less interestAnswer: Yeah, you'll save yourself the interest on it. Fed ...
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. Answer: You will save some interest. Which is nice. But the ...
You will save some interest. Which is nice. But the interest rates on these loans are modest, and if you have credit card debt, pay it off first: credit card interest rates are NOT modest.Answer: hello !!!
may be I can suggest you ,if you want read ...
hello !!!
may be I can suggest you ,if you want read something about Federal Direct Student Loan,
i just come accross this blog which may help you...Answer: it depends, is your direct loan subsidized, unsubsidized or ...
it depends, is your direct loan subsidized, unsubsidized or a combination? on sub loans, you are not liable for interest payments for your loans while you're in school or for six months til you are no longer enrolled at least half time. this would mean that any payments you make will go directly to your principal which means that your overall payments would drop once repayment starts since your interest charges would be lower due to the smaller principal.
if your loan is unsubdized, then it is accruing interest while you are in school any payments received while your loan is in deferment would be first applied to interest charges and then to principal. as stated earlier, there is no penalty for prepayment. Answer: Then it's paid off early and you've saved yourself ...
Then it's paid off early and you've saved yourself some interest. There is no penalty for prepayment of your student loan.Question: federal direct subsidized stafford loan?
Does the interest start building up when you start going to college or does it start when you graduate?Answer: Interest accrues on the loan from the moment of origination, ...
Interest accrues on the loan from the moment of origination, the second the money is sent to your school. The government will pay this accruing interest while the loan payments are deferred. That is, while you attend school at least half time, you will not be responsible for any interest on the subsidized loan.
When you finish school, the first six months after you leave school, the government will pay the accruing interest.
Make sure you keep an eye on your loan while in school and make sure your school keeps accurate records with the lender so you do not have any suprises.Answer: if its subsidized that means that the gov't pays for ...
if its subsidized that means that the gov't pays for your interest while you're in school.
you do not have to pay any interest, and they defer the payments until 6 months being out of school.
hope this helps!Answer: The problem with a subsidized loan is that the interest is ...
The problem with a subsidized loan is that the interest is then tacked on and you end up paying interest on the interest. For example:
Loan amount : $1000 Interest per year : 10% After the first year the interest is added to the original amount so then the loan amount becomes: After 1 Year Loan Amount: $1100 Interest 2nd year: $110 After 2 Years Loan Amount: $1210 Interest 3rd Year: $121 After 3 Years Loan Amount: $1331 Interest 4th Year: $133 After 4 years $1464 The $1000 loan has cost you $464 in interest. If you had it unsubsidized it would only cost you $400. You save $64 by paying $100 per year. Once |