Lizzie asks…
How to use federal loan money to pay for off campus rent?
The loan money is in my school system showing how much of tuition will be paid by the loan I was wondering how do you receive a check with the excess? Is it dependent on how my school handles the loan or is it something I contact the federal loan service about?
Nagesh answers:
Federal money first is sent to the school, where the school’s charges are deducted from it. If there is money left over, then the difference is refunded back to you, usually as a check or debit card, but sometimes as a direct deposit to a bank account. Schools have to divide your total award by the number of terms in the year, so you won’t receive all of it at once. For example, if your school has two semesters and you received a $5,000 loan, then you could only receive $2,500 for each semester.
John asks…
How to pay back student loans?
I am having trouble accessing my student loan account. I have a Direct Stafford loan and I want to apply for deferment. Where do you look this up? How do you actually start paying loans back? I keep finding myself going on a loop through the various websites about finaid.
Thanks!
Nagesh answers:
Here is a link to the contact page for the Direct Loan Servicing Center. You should be able to set up a payment plan or apply for a deferment there.
Http://www.direct.ed.gov/callus.html
Jenny asks…
What to do after being approved to borrow a Direct PLUS Loan?
I got an e mail stating:
You are approved to borrow a Direct PLUS Loan, pending the receipt of additional loan records from the school you or the student
attends. This determination is based on the results of a credit check with:
EQUIFAX INFORMATION SERVICES LLC
P O BOX 740241
ATLANTA, GA 303740241
(800)685-1111
The pending loan records must be received within the next 90 days. If the loan records are received more than 90 days after the initial
credit check, a new credit check will be conducted to determine your continued eligibility.
If you have questions regarding the next steps, the status of your loan, when the loan will be disbursed (paid out), or no longer wish to
receive the loan, contact the school’s financial aid office.
After the first disbursement of your loan has been made, your loan will be assigned to a loan servicer and you will be provided with the
servicer’s name, address and contact information. Your servicer will service, answer questions about, and process payments on your
loan after you enter repayment.
Sincerely,
U.S. Department of Education
Federal Student Aid
William D. Ford Federal Direct Loan
What do I do next?!
Do I have to send them the credit scores myself?
Do i have to log onto equifax?
Nagesh answers:
Contact your school’s financial aid office.
James asks…
What are the simple business ideas to start with less capital ?
If a person wants to start his own business in mid of his career and quiting his job, what are the safe business ideas for that? How additional funding can be obtained, except direct loan from any institution.
Nagesh answers:
The best start ups by individuals who are lacking in capital are those which are expansions of their own skills. For example, the individual who designs web sites for himself and friends for fun starts a web design firm. The person who loves pets, opens a pet services company that walks, trains, ect. An artiest makes logos or graphic design. The writer does web publishing. And so on and so fourth.
Daniel asks…
My mother is a nurse and took out a Parent PLUS loan, am I eligible for PSLF to repay?
{PSLF}- Public Service Loan Forgiveness
I am becoming a teacher and plan to be in the public sector for at least 10 years.
All of my other loans are Direct Stafford Loans.
Nagesh answers:
Although Parent PLUS loans are nominally eligible for forgiveness, since the definition of Eligible Federal Direct Loan in section 455(m)(3)(A) of the Higher Education Act does not preclude Parent PLUS, such loans are not eligible for income-based repayment (section 493C(a)(1)) or income-contingent repayment (section 455(d)(1)(D)), so there will be no financial benefit to seeking forgiveness for such loans. However, if a Parent PLUS loan is included in a Federal Direct Consolidation Loan, it will be eligible for income-contingent repayment (but not income-based repayment), making it possible to obtain forgiveness. (However, income contingent repayment is not available for Federal Direct Consolidation Loans that include PLUS loans for borrowers who entered repayment before July 1, 2006, per 34 CFR 685.208(a)(1)(ii). Income contingent repayment is available for Federal Direct Consolidation Loans that include PLUS loans for borrowers who entered repayment on or after July 1, 2006, per 34 CFR 685.208(a)(2)(iii).)
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