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Direct loan processing form

Direct loan processing form

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Direct Loans or Federal Direct Loans are other names for Federal Direct Stafford Loans. The US Department of Education is the issuer of these loans, and the Department is the one that must repay them. Depending on the sum owed and the form of repayment chosen, repayment will take anywhere from 10 to 30 years. Please visit https://studentaid.ed.gov for more information.
The FAFSA must be used to qualify for financial assistance. A Direct Loan will not be given to you automatically. If you want to take out a Direct Loan, you must apply for one through the financial aid office. If you apply for a Direct Loan but then decide you don’t need it, you can refuse it by contacting the financial aid office.
You may be eligible for a subsidized Direct Loan if you are an undergraduate student with financial need. No interest will be paid on subsidized loans as long as you are enrolled at least half-time (6 credits). The disparity between the Cost of Attendance and your Expected Family Contribution is your financial need.

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Requesting a loan

Direct Loans are available to help you pay for your tuition and other educational expenses. The loans are made possible by the William D. Ford Federal Direct Loan Program, which is overseen by the United States Department of Education. Santa Ana College offers the following Direct Loan Programs: Loan with a Direct Subsidy The sum given to you is determined by your financial need. Interest is paid throughout the loan’s duration, even when you are enrolled in school less than half-time, throughout the grace period, and throughout deferment periods you are qualified. The only time interest is not charged is if you are enrolled in college for at least half-time (6 units). You must enroll in 6 approved units to be eligible for a Subsidized Loan. As of July 1, 2013, all first-time borrowers can only borrow up to 150 percent of the duration of their published educational program with a Direct Subsidized Loan. On July 1, 2013, a first-time borrower is someone who did not have an unpaid balance on a Direct Loan or an FFEL Program Loan.

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Direct Subsidized and Unsubsidized Loans are low-interest loans that help students pay for their post-secondary education. The lender is the United States Department of Education, so you’ll be dealing with your loan servicer the majority of the time. The National Student Loan Data System will receive loan details (NSLDS).
To apply for Federal Direct Loans, you must complete the Free Application for Federal Student Aid (FAFSA). To maintain eligibility, you must meet all general eligibility requirements and remain enrolled at least half-time (6 credit hours).
The amount of money you can borrow in Direct Loan funds has annual and lifetime limits. Furthermore, the amount of subsidized loans you can borrow is limited both in terms of dollars and in terms of time.
* Students pursuing a doctorate in pharmacy, a master’s degree in public health, or a doctorate in clinical psychology can be eligible for up to $12,500 in additional unsubsidized loans. Doctor of Allopathic Medicine and Doctor of Dentistry students could be eligible for up to $20,000 in unsubsidized loans if they are enrolled full-time. The cumulative expense of these services is $224,000 over their lifespan.

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Information about a student’s Federal loans will be sent to the National Student Loan Data System (NSLDS), which will be open to guaranty companies, lenders, and schools identified as approved users. Students can search their Federal Loan History on NSLDS to see how close they are to hitting the aggregate cap.
There is a time limit (measured in academic years) under which you will obtain Direct Subsidized Loans if you had no unpaid Direct Loan debt as of July 1, 2013. This time limit is equivalent to 150 percent of your academic program’s published duration. This time limit is typically 6 years for first-year bachelor’s students and 1.5 years for second-year bachelor’s students. If you have earned Direct Subsidized Loans for the specified time period, you are no longer eligible for further Direct Subsidized Loans, and your unpaid Direct Subsidized Loans may begin to accrue interest. Read regarding the “use limits” for Direct Subsidized Loans.