Donna asks…
How Do I Get The Grace Period For Student Loans?
I just got out of school and I already received a bill from Direct Loans. I thought they gave a 6 to 9 month grace period automatically before sending a bill or charging somebody? Do I have to apply for the grace period?
Nagesh answers:
You only get one grace period. If you had previously left school for an extended period of time and used up all of your grace period, you do not receive a second grace period when you return to school and finish your degree.
If that does not apply to you, when is the payment due? If it is within 6 months after you graduated, I would call the lender and question it.
Betty asks…
Can I choose which portions of my student loans to pay off?
Referring to Federal Direct Loans, for example I might have:
$5000 at an interest rate of 6.8% (unsub)
$3000 at an interest rate of 6.8% (unsub)
$4000 at an interest rate of 4.5% (sub)
When I begin to pay back my loans, can I specifically pay off the $8000 in unsub’d loans first, as they have a higher insterest rate?
Nagesh answers:
Those in separate loans — you can pay more to the ones you chose to as along as you paying at least your minimum monthly payments to all of them
Helen asks…
Am I able to take out another Direct Loan?
I attended college the Fall of 09′ but then had to take a few semesters off because I had gotten pregnant. I took out loans with Direct Loan, at the moment I have them on a deferment plan. My question is am will I be able to take out more loans now? Do they allow that?
Nagesh answers:
You can take out new loans as long as you continue to make academic progress – meaning you move up a grade every once and a while. There are limits to what you can borrow for each academic grade level – so you should check on that.
Joseph asks…
What does it mean when your school says they plan to disburse the net loan amount to me?
okay I received a letter in the mail from Direct Loans for my college. The letter says that the net loan amount will be disbursed to me. What does that mean? And it has to different amounts. One section says “Direct Subsidized Loan” and its says net disbursement amount $2000. The other section says “Direct Unsubsidized Loan” and it says net disbursement amount $4000. What does this mean? Is this money I’m getting or what?
Nagesh answers:
Short answer: You’ll only get the full 6,000 if you own NO money to the school.
Long answer: It means they will send you the left over money after all your tuition, fees, parking permit, books you might have charged, dorms, meal plans, loan processing fees, all have been paid.
If all of this is already paid (or a portion of it) by someone else, like your parents, your employer, your grandma, or by various scholarships, state of federal grants you have received, then you will get what is left over.
You can usually get a rough estimate of how much you’ll get back by looking at your tuition bill.
Daniel asks…
Can you file bankruptcy on a direct consolidation loan?
The William D ford Federal Direct Loan Program, can you file bankruptcy on something like this?
Nagesh answers:
Check the sites thoroughly. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.
Http://bankruptcy-info.we.bs/
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