Helen asks…
Is there a way to get Direct Loans to legally recognize my child as a debtor?
I recently got a parental plus loan for my daughter who attended college. I just lost my job. My daughter agreed to write a letter and have it notarized stating that she would like to assume all debt responsibility for her college/tuition bill. Does anyone know how we can go about getting this done? And have the total responsibility of the Parental Plus loan transferred in her name? Or is this even possible?
Nagesh answers:
Contact the lender and ask them. They will be able to explain all the rules to the loan. Because it is a Parental Plus loan, you probably won’t be able to transfer it, but since you are on economical hard times, they might let you defer it. Again, call the lender. They will work with you.
Daniel asks…
How does parents bankruptcy affect student loan eligibility for college loans? Direct loans, not gov’t ones?
I’m referring to the loans that the parents take out, not the ones that the students get. I think that means the Direct Plus loans.
Nagesh answers:
Schools.medianewsonline.com – it provides some tips about applying to US federal and state grants for college students.
Michael asks…
Is the interest on Federal Direct loans monthly or yearly?
That is really f u c k e d up why do they do this to me.
Nagesh answers:
Monthly
Chris asks…
can subsidized direct loans be used for anything?
if you accept subsidized direct loans through Fafsa can you use those loans for anything?
Nagesh answers:
You are supposed to use them for education related expenses or living expenses, but in reality no one will ever know/care what you use them for.
Maria asks…
Is Direct Loans a creditor or a lender?
All I know is, they are a company who is handling my student loans and they want me to pay them back each month.
Nagesh answers:
Thanks to the government they are one in the same.
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