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Hi! This is my first time to receive direct stafford unsubsidized loan and I'm really confused, so i desperately need some help A. If I want to defer payment until I graduate, how would i do that? B. The minimum payment is $50, but i heard that I can pay just the interest(less than $50/mon) to prevent it from becoming capitalized. What's the fact? C.Where do I send the payment? D. Is unsub loan interest 6.8% or 8.25%? E. Any recommendation to lower the debt? Thank you for your time :)
A) Typically speaking for Direct Loans, if you continue to take out a loan every year, they know that you are in school, else you can contact direct loans and ask how you can defer payments. There number is 1-800-848-0979 (and their site is www.dl.ed.gov, look under "contact us") B)That is correct, paying the interest while is school is rec commended, but not required. You can pay online at the link provided, you will need your federal student aid pin number to log in. C)Again, you can do it online D) Again, under the contact us information U.S. Department of Education Direct Loan Payment Center P.O. BOX 530260 Atlanta, New York 30353-0260 E)Pay of the loan as much as you reasonably can, and only take out what you need. Look for other forms of aid, there are many, such as local and state grants, scholarships, etc. There are also a number of forgiveness programs that you "may" be eligible for. Go here and click "Repaying your loan" on the left
The federal direct unsubsidized loan would be in your name alone. Only you would be responsible for paying it. Interest starts accruing as soon as its dispersed, but you may defer any payments until 6 months after you graduate or leave school. The interest rate is a fixed 6.8%. The Parent PLUS loan would be in a parent's name alone. Only that parent would be responsible for paying it. For this year and next, Congress has allowed this loan to be able to be deferred until six months after graduation or when the student leaves school. The interest rate is a fixed 7.9% (You did say it was a Direct Loan). Typically, the student takes out the unsubsidized loan and if there is still a gap between the money he or she needs and the estimated cost of school, the Parent PLUS loan may be used to make up that difference. If both were offered in the awards letter, it sounds as though both will be needed.
A. You do not have to start repaying your loan until 6 months after you graduate. B. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal) when the loan enters repayment. C. There are currently several billing methods for your loan(s). You may: -Enroll in an Electronic Debit Account (EDA)-a monthly automated electronic deduction from your bank account -Enroll in Electronic Mail Services (EMS)-a service, it will put billing statements in your online account. -Receive billing statements in the mail and mail your check or money order back. D. The interest rate for Direct Unsubsidized Loan is 6.8%. E. You can lower the debt by signing up for EDA, it will reduce your interest charges by 0.25%, it will also ensure that you make your payments on time! Go to the Direct Loan Servicing website ( and sign up for an account to stay on top of your loans, there's a question center there that will answer all of your questions in depth.