What documents explain your rights and responsibilities
When students decide to take out a student loan they are embarking on their first borrowing experience. It is very important to understand the nature of this financial obligation.
Getting student loans means signing a contract to take on the responsibility of repaying the loan. The MPN is a legally binding document.
Do you understand the most important factor that you need to consider carefully to make an informed decision?
According to https://marketingkaadda.com/ experts, you need to become familiar with the following:
Borrower Rights and Responsibilities
There are many ways for federal student loan borrowers to manage their student loan debt. Some of these include deferring or forbasing payments, reducing payments by changing your repayment plan, depending on your circumstances and other circumstances, and having the right to cancel, discharge, or forgive your federal student loan in certain circumstances.
As a federal student loan borrower yourself, we hope that you have taken the time to read through the following information that will be beneficial to you and will help you understand the WILLIAM D. FORD Federal Direct Loan Program better. If you have read this and still have questions about this program, please feel free to call our Financial Aid Counselor.
What is the Federal Direct Loan Program?
The Federal Direct Loan Program is a loan program offered by the U.S. Department of Education that allows students to pay for their post-secondary education. Eligible students can borrow directly from the federal government to attend participating schools once they have completed their FAFSA. Students are not allowed to exceed the annual and total loan limits set by the federal government.
Types of Federal Student Loans:
While you are in school, you do not have to pay interest on your direct subsidized loans. These loans are only available to undergraduates.
On the other hand, if you take out a direct unsubsidized loan, you will have to pay all the interest from the date of payment.
If you are a graduate student or the parent of a dependent undergraduate, you can take out a direct PLUS loan. This is a credit-based loan.
Borrower Responsibilities
Your federal student loan repayment is your responsibility. You are responsible for making your loan repayments regardless of whether you finish your degree or feel unsatisfied with your education.
You must know when your loan repayment starts and what your required payments are. It’s important to be prepared for repayment as you prepare to finish your degree or withdraw from school
You must notify your loan servicer if your address changes. If you move and don’t receive your student loan bill, you’ll still be responsible for making your payments.
If you change your name or change your contact information, transfer or withdraw from your school, change your employment, or have any other change that could affect your loan repayment, you must notify your school’s financial aid office.
If your expected graduation date has changed, you must also notify your financial aid office.
What documents explain your rights and responsibilities
When students decide to take out a student loan they are embarking on their first borrowing experience. It is very important to understand the nature of this financial obligation.
Getting student loans means signing a contract to take on the responsibility of repaying the loan. The MPN is a legally binding document.
Do you understand the most important factor that you need to consider carefully to make an informed decision?
According to https://marketingkaadda.com/ experts, you need to become familiar with the following:
Borrower Rights and Responsibilities
There are many ways for federal student loan borrowers to manage their student loan debt. Some of these include deferring or forbasing payments, reducing payments by changing your repayment plan, depending on your circumstances and other circumstances, and having the right to cancel, discharge, or forgive your federal student loan in certain circumstances.
As a federal student loan borrower yourself, we hope that you have taken the time to read through the following information that will be beneficial to you and will help you understand the WILLIAM D. FORD Federal Direct Loan Program better. If you have read this and still have questions about this program, please feel free to call our Financial Aid Counselor.
What is the Federal Direct Loan Program?
The Federal Direct Loan Program is a loan program offered by the U.S. Department of Education that allows students to pay for their post-secondary education. Eligible students can borrow directly from the federal government to attend participating schools once they have completed their FAFSA. Students are not allowed to exceed the annual and total loan limits set by the federal government.
Types of Federal Student Loans:
While you are in school, you do not have to pay interest on your direct subsidized loans. These loans are only available to undergraduates.
On the other hand, if you take out a direct unsubsidized loan, you will have to pay all the interest from the date of payment.
If you are a graduate student or the parent of a dependent undergraduate, you can take out a direct PLUS loan. This is a credit-based loan.
Borrower Responsibilities
Your federal student loan repayment is your responsibility. You are responsible for making your loan repayments regardless of whether you finish your degree or feel unsatisfied with your education.
You must know when your loan repayment starts and what your required payments are. It’s important to be prepared for repayment as you prepare to finish your degree or withdraw from school
You must notify your loan servicer if your address changes. If you move and don’t receive your student loan bill, you’ll still be responsible for making your payments.
If you change your name or change your contact information, transfer or withdraw from your school, change your employment, or have any other change that could affect your loan repayment, you must notify your school’s financial aid office.
If your expected graduation date has changed, you must also notify your financial aid office.
