Stafford loan who is my lender

Interest Rate: The interest rate is variable adjusted annually on July 1st but does not exceed 8. You'll be notified any time the variable rate changes. For the current Stafford Loan interest rate, click here. Maximum Loan Length: 30 years, depending on amount borrowed and repayment plan chosen. There are a number of repayment plans offered through the Direct programs.

Read the Repaying Your Student Loan online for more information about repayment. Frequency of Payments: monthly or quarterly. After you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you begin repayment. Fees: You'll pay a fee of up to four percent of the loan, deducted proportionately from each loan disbursement.

Because of this deduction, you'll receive slightly less than the amount you're borrowing. For traditional on-campus students funds are applied to your student account 2 weeks after the start of the term if the loans have been certified prior to that date. For Field and Focus students, funds are scheduled for the first day of each term; please allow business days for it to be posted to your student account.

Please note that refund checks are processed within 14 business days of the credit appearing on your student account. If the funds are sent to NLU by check, you will receive a letter and the paper check in the mail to endorse and return back to NLU so it can be applied to your student account.

You must be enrolled at least half-time at the time of disbursement. Federal PLUS Loan proceeds are disbursed in the same manner, except that refund checks are made payable to the parent borrower.

As of October 1, , all Federal Loans processed for a single academic term must be disbursed in multiple disbursements, one at the beginning of the loan period and one no earlier than the midpoint of the period. As a result of a recent change in the Higher Education Act, one term loans processed after February 8, , for a term starting on or after February 8, , will be eligible for one disbursement if the term is not longer than 4 months.

If a parent of a dependent student applies for and is denied a Federal PLUS loan because of poor credit or low income, the student may be eligible for an additional Unsubsidized Federal Stafford Loan. Preferred lenders routinely notify NLU about loans that are denied and the additional offer of the Unsubsidized Federal Stafford Loan will be sent to the student.

A student may also bring a copy of the denial notice to our office lenders are required to send notice in writing of the denial. Students can view aggregate loans via www. NSLDS provides a centralized, integrated view of Title IV loans and grants during their complete life cycle, from aid approval through disbursement, repayment, delinquency, and closure. Stafford Subsidized and Unsubsidized Loans have a 6-month grace period that starts the day after you graduate, leave school, or drop below half-time enrollment.

You don't have to begin making payments until your grace period ends. Failure to repay your loans is called default. If you go into default, your lender can require immediate payment including interest plus collection and late payment charges. The Internal Revenue Service may withhold any income tax refund and apply it toward payment.

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