Private College Student Loan

How does a Federal Direct Subsidized Loan (William D Ford Loan) work? "The William D. Ford Federal Direct Loan program is available to undergraduate, graduate, and medical students based on financial aid eligibility. The federal government will pay interest on this loan while you are enrolled in college at least half-time. The application will not be processed through a bank, but rather through UCI and the U.S. Department of Education. The guarantee and origination fee will be deducted from the loan amount you borrow. You will be charged a 1.5-percent origination fee. A rebate of 1.0 percent of the loan amount will be included in each disbursement. If you advance a grade level during the academic year you may be eligible for a higher maximum annual loan limit. Otherwise, you must wait until the period of time equal to an academic year elapses to borrow again under the William D. Ford Federal Direct Student Loan Programs (subsidized and unsubsidized). Interest Rates for Undergraduate students are fixed at 5.6 percent. Interest Rates for Graduate/Professional students are fixed at 6.8 percent." Can someone clarify this for me? Let's say I borrow $3000.00, what will be the outcome?

William d Ford Federal Direct Loan Program? Has any been sued by the William D Ford Federal Direct Loan Program? Can they take your house or assets if you are behind on your student loans?

Is the William D Ford Loan (Direct Loan) and the Federal Pekins Loan the same? Is it the same loan only under names? May I borrow both?

Have anyone heard of the William D. Ford Federal Direct Loan Program? I'm thing about doing a loan since I know for a fact that I will not be able to have the amout for college by january by myslef. My uncle told me about this since he has done this loan himself. The only part that got me was that they want you to do a fafsa. The last time I did this, I wasn't able to recieve anything. When I called them they told me that one of my parents made too much. To me it shouldn't matter if my parents made too much or too little, It's me who going to college, no them.

If I use the William D. Ford Federal Direct Subsidized loan for this fall semester....? my first time ever taking out a federal student loan at a undergraduate university and plan to transfer to some other university the next semester, (spring 2010) does that mean I have to start the repayment once I transfer, because it states that "No interest accrues while in school at least half-time, but repayment begins six months after dropping below half-time"...I'm a little confused does it count if I transfer to another university the next semester, or does it mean I have to at least stay in school in order to avoid the repayment just yet...I don't want to start doing the repayment now, I want to repay them back once I graduate with a undergrad degree....HELP I am soo confused.

Loans from Williiam Ford, Federal Direct Loans help? I've received a letter from the William D Ford Direct Loans stating that I can have $5,000...as an undergraduate freshman. My parents aren't taking out a PLUS loan, I have to take out $10,000 to cover Savannah College of Art and Design's tuition for one year (and Im living at home.) I've been trying to contact the loan center and have yet to receive anything from them. And it seems like I receive more answers on this site than anywhere else anyway. So if anybody has gone through anyhting similar.......

Can I put private education loans in my federal consolidation loan? I was just called by Sally Mae; the very rude collection agent was demanding that I make payment immediately for my loan that is 60 days overdue. I am currently doing the paperwork for a William D. Ford Federal Direct Loan to consolidate all of my student loans together. The agent told me that would not take care of this loan because it is a private student loan not a federal. Is this true? What options do I have if any to get all of my loans consolidated together?

Can you use your money from a federal student loan refund for anything ? For example rent? I am supposed to be getting a refund from a Federal William D Ford Direct student loan. Meaning they already paid the school and the school is sending me a refund. My husband and I are getting divorced and I am broke and need a place to stay. Is it possible to use that refund money for living expenses or can you get into trouble for that.

which loan is better the Federal Direct Subsidized Loan to meet need or the Federal Perkins Loan? these are the terms William D. Ford Federal Direct Subsidized Loan to meet need : The William D. Ford Federal Direct Loan program is available to undergraduate, graduate, and medical students based on financial aid eligibility. The federal government will pay interest on this loan while you are enrolled in college at least half-time. The application will not be processed through a bank, but rather through UCI and the U.S. Department of Education.The guarantee and origination fee will be deducted from the loan amount you borrow. You will be charged a 2.0-percent origination fee. A rebate of 1.5 percent of the loan amount will be included in each disbursement. If you advance a grade level during the academic year you may be eligible for a higher maximum annual loan limit. Otherwise, you must wait until the period of time equal to an academic year elapses to borrow again under the William D. Ford Federal Direct Student Loan Programs (subsidized and unsubsidized). Interest Rates are fixed at 6.0 percent. the second loan is: Federal Perkins Loan The Federal Perkins Loan is a long-term federal loan for students who demonstrate financial aid eligibility. Cumulative totals for the full term of college attendance may not exceed $20,000 for undergraduates and $40,000 for graduate students. Interest rate 5 percent per year during repayment Deferment period before repayment Information regarding deferments will be provided at your exit interview. Also, you may refer to your promissory note for the information. Full repayment up to 10 years Minimum payment $120 per quarter

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?

how much interest does Federal Direct Subsidized Stafford Loan charge? how much interest does William D. Ford Federal Direct Subsidized Stafford Loan charge

If I consolidate my student loans can I differ them if I come under financial hardship like individual loans? I have 52k in student loans, my wife has another 30k. The first question is should we consolidate them all togeather and 2nd question is what if we have a finacial hardship or some other unforseen event and cant make the payments. Does the William D Ford Federal Direct consolidation loan have deferment options like I do now with all these individual loans? Thank you all for your time.

Help with student loan? I got this email On March 30, 2010, President Obama signed into law mandating that all federal student loans be made under the William D. Ford Federal Direct Loan (Direct Loan) Program. The law will be effective July 1, 2010. Since most private lenders reserve the right to modify or terminate their programs at their discretion and without prior notice, we strongly encourage all students who need a loan for the summer session to be ready to switch to the Direct Loan Program. The Direct Loan Program provides more certainty during this transitional period since it is administered and funded by U.S. Department of Education. To be ready for Direct Loan, all you have to do besides completing your FAFSA is: 1. Complete a Master Promissory Note (MPN), and 2. Complete an Entrance Counseling session. Both can be done anytime online at www.studentloans.gov Office of Financial Aid I already did my fafsa a few months ago so what am I suppose to do now? My class will start on the fall I don't understand the "we strongly encourage all students who need a loan for the summer session to be ready to switch to the Direct Loan Program" So I can just ignore this?

Help with the student loan? I got an email from college saying On March 30, 2010, President Obama signed into law mandating that all federal student loans be made under the William D. Ford Federal Direct Loan (Direct Loan) Program. The law will be effective July 1, 2010. Since most private lenders reserve the right to modify or terminate their programs at their discretion and without prior notice, we strongly encourage all students who need a loan for the summer session to be ready to switch to the Direct Loan Program. The Direct Loan Program provides more certainty during this transitional period since it is administered and funded by U.S. Department of Education. In the letter it said "we strongly encourage all students who need a loan for the summer session to be ready to switch to the Direct Loan Program" I'm only going to college this fall so can I sign up for it also? Sorry i'm not good in english.

Does this reply mean that my parent qualified for the PLUS loan? Serious answers only please... I know it's long, so thanks to anyone who can bear with me. I'm a US student going overseas to study at university in the UK. The university I am attending offers student loans of $5500 if you have a low EFC and are a dependent student, but says that if your parent doesn't qualify for a parent PLUS loan then you can apply as an independent student to receive $9500. I wanted to qualify for the full $9500 loan, so I asked my mom to apply for the parent PLUS loan assuming that she wouldn't get accepted because as far as we know, both she and my dad have always had terrible credit and my mom is currently unemployed. Well, she applied for the PLUS loan, and after entering her information and agreeing to a credit check there came this reply (to all intents and purposes, my mom will now be christened BLABLA): Dear BLABLA, 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 INFO SERVICES LLC P O BOX 740241 ATLANTA GA 30374 (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 Program Okay, so I am completely new at this process... I don't know if the PLUS loan comes through the school or the government, and from what it seems here my mom qualified for the loan? Am I right in thinking that? She received an email saying that the university should be notified in the next 24 hours, is it up to them whether she qualifies or do they just set the amount? We were both surprised when it said she had passed the credit check, I was hoping to get some insight from anyone who has dealt with this before. Thank you to anyone who can help. For the person who answered first, we didn't expect that since she has bad credit and is unemployed she would get accepted.... but I myself couldn't qualify for the full loan amount unless she were denied. Any loan that my parents receive will be my responsibility to pay off (IF they even receive any loan money)... I would never stick my parents with such a responsibility, I am a responsible person and know perfectly well that I, myself can make every payment on time... my parents are not fools, they are just people who care about their daughter and know that I am responsible enough to take on making the payments.

Can I get another student loan? Help? :(? Last year, I attended college 3/4 time and was able to get a small grant and the full loan amount for freshmans, which was $9,500, so I could pay for tuition and my books for school. Now this year, I dropped to half-time. My grant was about $200 more, but I was only awarded a maximum $5,600 for my loan. What the heck??? My school did switch to the William D Ford direct student loan program for this upcoming year, but the financial aid coordinator said the only difference student would see from last year is where the money is coming from. I am an independent student and a single parent. I have pretty low income; I figured I would recieve the maximum loan amount so I could atleast pay tuition and for books. I don't understand..Can I take out another federal direct (stafford) loan to help finish paying for tuition and living expenses, or am I out of luck? My financial situation has not changed since last year, when I was awarded the full amount. My grades are good, I don't get it. Can anyone help me? How many stafford loans can I take out, just that one for only $5,600 that was awarded to me? This is kind of disapointing..this school is kind of expensive, but it is so close to my home and I am allowed to do online classes through them, unlike the other schools in the area. It just makes it so much easier to go to this school. :(

Can I get another student loan? Help? Last year, I attended college 3/4 time and was able to get a small grant and the full loan amount for freshmans, which was $9,500, so I could pay for tuition and my books for school. Now this year, I dropped to half-time. My grant was about $200 more, but I was only awarded a maximum $5,600 for my loan. What the heck??? My school did switch to the William D Ford direct student loan program for this upcoming year, but the financial aid coordinator said the only difference student would see from last year is where the money is coming from. I am an independent student and a single parent. I have pretty low income; I figured I would recieve the maximum loan amount so I could atleast pay tuition and for books. I don't understand..Can I take out another federal direct (stafford) loan to help finish paying for tuition and living expenses, or am I out of luck? My financial situation has not changed since last year, when I was awarded the full amount. My grades are good, I don't get it. Can anyone help me? How many stafford loans can I take out, just that one for only $5,600 that was awarded to me? This is kind of disapointing..this school is kind of expensive, but it is so close to my home and I am allowed to do online classes through them, unlike the other schools in the area. It just makes it so much easier to go to this school. :(

student loan/tax help? Okay, in January 2010 (was 17 at this time) I started going to college in AR. Without thinking about the possible repercussions I got a $1500 loan to cover the costs of the other things I was going to need. The loan company (which is Direct Loans-William D. Ford Federal Direct Loan Program) institutes pretty much the same guidelines for any student loan. Now, this is where the problems start. In April, several issues arose & I ended up failing college, losing my job etc. Didn't have enough $$ to cover the monthly loan payments when they came through after my grace period ended (bills started coming in November) As well as not paying, I ALSO did not make enough money to file a state return (lived in AR) I moved to Mississippi in November. Now, do I/can I file a federal tax return (I am eligible for money back in federal) If I file a federal, do I file a state even though I won't get anything back? Do I have to file anything about this loan if I file federal? I'm sorry for so much misinformation, but I'm lost and confused, did it without thinking and without any education on the loan scheme. Will I recieve penalties if I DON'T file? someone help...please...