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Is there a charge for this loan?
Yes. In addition to interest, you pay a loan fee of 1.0% of the principal amount of each Direct Subsidized or Unsubsidized Stafford Loan that you borrow. The loan fee for PLUS loans is 4%. According to the US Dept of Education, – these fee helps reduce the cost of making these low-interest loans. The US Dept of Education deducts the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
Receiving Your Loan Disbursement
All Federal Direct Loan funds are disbursed directly to the Financial Aid Office to confirm that enrollment criteria are met at the time of disbursement. Funds are first used to pay any current outstanding balance due. Any remaining funds are sent to the borrower per payment period. Students must maintain at least half-time enrollment to receive any loan funds as required by federal regulation.
Loan Cancellation Procedure
If loan proceeds have been accredited to your student account and you would like to CANCEL/RETURN all of a portion of the disbursement of this loan(s) you have 14 days from the date of the disbursement of the loan to inform the Financial Aid Office of this request. Please send an email or visit the financial aid office to request a cancellation of your disbursement.
Please Note: if you cancel all or a portion of the loan, any remaining balance due on your account or refunds you may have received from the proceeds of this loan is your Reponsibility to repay. Failure to pay any outstanding balance due to the cancellation or reduction of your loan will result in a HOLD. HOLD means the student has an Outstanding Balance due and will not be allowed to attend class or receive an official transcript until any outstanding obligation is paid in full.
Direct Loan Servicing OnLine Direct Loan Borrower Servicing Center 1-800-848-0979/ TTY users can call 1-800-848-0983
NSLDS Loan History
The William D. Ford Federal Direct Loan Program (Direct Loan) US Department of Education as lender. On this Web site information such as repayment options and calculators are available to assist you.
Repayment Information Repayment Plans