Private College Student Loan

question about federal direct loans?

I just went online and applied for a federal direct student loan. The financial aid office told me they are not based on credit. Is this true? How do I know if I qualify? how does it work? I submitted the entrance counselling and the promisory note online a few minutes ago.

Public Comments

1. That is true it does not go by credit. If it was offered to you, you accepted and did the entrance counseling and MPN then you will get it on your colleges scheduled disbursement date (s). My daughter gets her federal aid per semester, so half at at time. Her disbursement dates for the year are posted on her college site she logs into. For fall it is 8/28 and she starts college 9/5 and will get her refund on her college credit card they use, some issue checks. The federal aid gets deposited into her college account on the disbursement date. The college will subtract their charges for the semester for tuition, fees, housing and meal plan and the rest if any is refunded to her on her college credit card for books, etc. Last year she had the same dates as above and got her refund on her card the end of the first week of college.