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How can Direct Loans What kinds of Direct Loans

Contacts help me go to college or are available?


Direct Loan Basics a career school? n D
 irect Subsidized Loans—are loans for students
General information about student aid and applying
for student aid: for Students Direct Loans are low-interest loans for students and
parents to help pay for the cost of a student’s education
with financial need, as determined by federal
regulations. No interest is charged while you
 ederal Student Aid Information Center
F after high school. The lender is the U.S. Department are in school at least half-time, during your
1-800-4-FED-AID  of Education (the Department) rather than a bank or grace period and during deferment periods.
(TTY 1-800-730-8913) other financial institution. n Direct
 Unsubsidized Loans (Federal Direct
Student Aid on the Web 
Direct Loans are: Unsubsidized Stafford/Ford Loans)—are loans for
www.studentaid.ed.gov
n S
 imple—You borrow directly from the federal students that are not based on financial need.
Visit the Web site or call for general information about government and have a single contact—the Direct Interest is charged during all periods.
student aid. From the Web site, you can access a variety of n D
 irect PLUS Loans—are low-interest loans
Loan Servicing Center—for everything related to
student aid publications in English and Spanish, including
the repayment of your loans, even if you receive available to parents of dependent students or
Funding Education Beyond High School: The Guide to Federal
Student Aid, for a comprehensive overview of the financial Direct Loans at different schools. for graduate or professional-degree students.
aid process and detailed how-to steps for taking n Convenient—You’ll
 have online access to your Interest is charged during all periods.
action at each phase.
Direct Loan account information 24 hours a day, n S tudents or parents can combine different
Your single contact for everything related 7 days a week. eligible federal student loans into one Federal
to repayment of your Direct Loan: Direct Consolidation Loan.
n F lexible—You can choose from several repayment
 orrower Services at the
B plans that are designed to meet the needs of almost
Direct Loan Servicing Center any borrower, and you can switch repayment plans What are the eligibility
1-800-848-0979 if your needs change. requirements?
(TTY 1-800-848-0983) You must be enrolled at least half-time at a school
Direct Loans on the Web that participates in the Direct Loan Program, and you
www.dl.ed.gov must meet general eligibility requirements for the
Federal Student Aid programs. You can find more
Visit the Web site or call to get your loan account information,
obtain a deferment or forbearance application, make online information about these requirements in Funding
payments, set up automatic payments and much more. Education Beyond High School: The Guide to Federal
Student Aid (see the Contacts section of this brochure),
Everything you need to know about Direct or by contacting your school’s financial aid office.
Consolidation Loans, and for an online application:
Direct Subsidized Loans and
 irect Loan Consolidation Center
D Direct Unsubsidized Loans
1-800-557-7392
A simple, convenient, flexible way
(TTY 1-800-557-7395)
to finance your education.
Direct Loan Consolidation Web Site
www.loanconsolidation.ed.gov
The William D. Ford Federal Direct Loan Program is one of the
Federal Student Aid programs of the U.S. Department of Education.

Direct Loans on the Web: www.dl.ed.gov


COVER PHOTO: ©Jupiter Images Corporation, 2006.
How do I apply? When do I have to begin Can I ever postpone making
repaying my loan? loan payments? Save time & money with 
You apply for a Direct Subsidized and Direct Unsubsidized
Loan by completing a Free Application for Federal Direct Subsidized and Direct Unsubsidized Loans have Yes, under some conditions you may receive a automatic monthly payments
Student Aid (FAFSA), the same application used for the a 6-month grace period that starts the day after you deferment or forbearance that allows you to
Department’s other Federal Student Aid programs. Before graduate, leave school, or drop below half-time temporarily stop making payments. We offer the option of having your loan payments
receiving your first Direct Loan, you must sign a Master enrollment. You don’t have to begin making payments automatically taken out of your bank account. This
Promissory Note (MPN) that you’ll get from your school until your grace period ends.
or from the Department. You may be able to complete For example, you may qualify for a deferment if: saves you the trouble of writing a check each month,
the application and MPN online. Check with your school’s How much time will I have to n Y
 ou return to school at least half-time. and ensures that your payment will always be made on
financial aid office. The MPN explains the terms and repay my loan, and how much n Y
 ou are unemployed or meet our rules for time. Plus, we’ll reduce your interest rate by a quarter
conditions of your loan and is your legally binding
will I have to pay each month? economic hardship. point (.25%) during all periods when your payments
agreement to repay your loan to the Department.
Generally, you’ll have from 10 to 25 years to repay n Y
 ou are serving on active duty during a war or are being made under this option.
How much can I borrow? your loan, depending on the repayment plan that other military operation or national emergency,
you choose. Your monthly payment amount will be or performing qualifying National Guard duty
The maximum amount you can borrow each school year
based on how much you borrowed and how long during a war or other military operation or national
depends on your grade level and other factors, and
you take to repay. emergency. This deferment is available only for
ranges from $2,625 per year for a dependent freshman, n Y
 our loan was falsely certified because of
to $18,500 per year for a graduate student. There are You may choose one of four repayment plans: Direct Loans first disbursed on or after July 1, 2001. identity theft.
also limits on the total amount of your loan debt. The n S
 tandard Repayment Plan—Fixed monthly If you don’t qualify for a deferment but are temporarily
n Y
 ou withdrew from school but the school didn’t
actual amount you are eligible to borrow each year is payments for up to 10 years. unable to make loan payments for reasons such
pay a refund that it owed under its written policy
determined by your school and may be less than the as illness or financial hardship, we may grant you
n E
 xtended Repayment Plan—Fixed monthly or our regulations. Check with the school
maximum amount. a forbearance.
payments over a period of time, not to exceed to see how refund policies apply to
What is the interest rate? 25 years. This repayment plan is available to you if federal aid at the school.
Can my loan ever be canceled,
you had no outstanding balance on a Direct Loan
Direct Subsidized and Direct Unsubsidized Loans first
as of Oct. 7, 1998. If you received a Direct Loan on
discharged or forgiven? You may also qualify for forgiveness of some of your
disbursed on or after July 1, 2006, have a fixed interest loans if you teach full-time for 5 years in certain low-
or after this date, your Direct Loan outstanding You must repay your loan even if you don’t complete
rate of 6.8%. For more information on interest rates, income schools and meet other requirements.
balance must be more than $30,000. or can’t find a job related to your program of study, or
contact the Direct Loan Servicing Center (see the
are unhappy with the education you paid for with your
Contacts section of this brochure). n G
 raduated Repayment Plan—Payments that start
loan. However, we will discharge (forgive) your loan
Where can I get more
off lower at first, and then gradually increase,
if you have your loan discharged in bankruptcy, or if information?
Is there a charge for this loan? usually every 2 years.
you become totally and permanently disabled (additional For more information about the Direct Loan Program
Yes. In addition to interest, you pay a loan fee of up to n Income Contingent Repayment Plan— Your month- conditions apply), or if you die. and other Federal Student Aid programs, contact the
3% of the principal amount of each Direct Subsidized ly payment is adjusted each year based on your financial aid office at your school or check the Contacts
We may discharge some or all of your loan if:
or Direct Unsubsidized Loan that you receive. This annual income (and your spouse’s income, if you’re section of this brochure.
fee helps reduce the cost of making these low-interest married), your family size, and the total amount of n Y
 our school closed before you completed
loans. We deduct the fee before you receive any loan your Direct Loans. After 25 years, any unpaid loan your program.
money, so the loan amount you actually receive will be amount will be forgiven. n Y
 our school forged your signature on your
less than the amount you have to repay. You can change plans at any time. There’s no penalty if promissory note or falsely certified that you
you make payments before they are due, or pay more were eligible to get the loan.
How will I receive my loan than the amount due each month.
money?
You can find more information about these plans
Your school will generally disburse your loan money by by contacting the Direct Loan Servicing Center or
crediting it to your school account, but may also give visiting Direct Loans on the Web (see the Contacts
some of it to you directly. Your loan money will usually section in this brochure).
be disbursed in at least two installments.

Direct Loans on the Web: www.dl.ed.gov

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