Your Questions About Direct Loans

Donna asks…

How many hours do I have to be enrolled in to be eligible for direct school loans?

I have both direct subsidized and direct unsubsidized loan. I am a graduate student. I need to know how many hours of undergrad or gruaduate hours I have to be enrolled in to keep my school loans because I am thinking about dropping a class

Nagesh answers:

Undergrad at least halftime-6 hours
grad at least 3 hours

Donald asks…

how do i get the rest of my education loan if my new college does not participate in direct loans from the gov?

I am a college student that’s transferring to another college in January 2011. I took out a loan for the 2010-2011 school year. The college that I’m transferring to does not participate in governtment loans ( Straford, Parent Plus,etc.) so, how will I be able to utilize the rest of my funds that I’ve gotten in my loan?

Nagesh answers:

You can’t. It is your choice to transfer to a school not approved by the government… Which means no loan money for you at that school. If i were you, i’d find a better school, or not bother transferring at all.

Linda asks…

If the federal direct loan program bought all my student loans, are they automatically consolidated?

I had all my loans through BancFirst but I got letters saying that the federal loan program has bought all my loans. Does this mean they are automatically consolidated since the federal program now holds them all or do I need to have them consolidated still? The letters had my total combined loan amount on them.

Nagesh answers:

It cant be automatically consolidated, it is you who give them that information to do that. Besides that you also intimate that how much amount you want to do that.=================

Michael asks…

If i get a Direct Subsidized Loans, when do i have to replay it?

If i get a Direct Subsidized Loans, when do i have to reply it?
Is it after i am done with college or can i start paying it by little even when i am still in college? Do you believe its worth getting?

Nagesh answers:

You traditionally start paying off these loans after you’ve graduated. They do give you a grace period of about six months after graduation in order to get yourself a job before making payments. If you are able to start making payments before then, I believe there are ways you can do this. You just have to speak with the financial aid services at your school to set that up. Loans are worth getting if you have absolutely no other way of paying for college.

Robert asks…

can a federal direct loans stop me from joining a new collage?

I was academically relieved from collage for some bad reason. So can this hinder me from joining a new one and i also owe a lot of money from federal direct loans and my grades don’t look so great also

Nagesh answers:

Yes thats possible. U can try and then appeal.

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