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Loans Are Financial Aid That Must Be Repaid
The Federal Direct Loan Program has both a need based, subsidized component and a non-need based, unsubsidized component.
The Direct Subsidized Loan is a loan based on financial need for which the federal government generally pays the interest that accrues while the borrower is in an in-school, grace, or deferment status. A borrower is eligible to receive subsidized loans for up to 150 percent of his or her program length.
The Direct Unsubsidized Loan is a loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. This type of loan is not based on financial need.
(NOTE: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period.)
Why Get a Federal Student Loan? Be a Responsible Borrower
Trying to get a PLUS Loan? If you’ve been placed in collection within the past two years, you’re considered to have an adverse credit history. You still may be able to qualify for a loan if you follow these steps: bit.ly/31SYgxS
The Federal Graduate PLUS loan is offered to students enrolled in a Graduate or Professional program. Students who borrow in the Graduate PLUS program must complete a credit check and pre-approval process. Students who have been approved must then complete a Graduate PLUS Master Promissory Note (MPN). Students should borrow their full Subsidized and Unsubsidized Stafford Loan annual maximums before applying for the Federal Graduate PLUS loan. For additional questions on this program please contact the Financial Aid Office or visit:
Grad PLUS Information from the Department of Education 🔗
To find the interest rate for your federal student loans, log in to “My Federal Student Aid,” available at studentaid.ed.gov.
Page 3-98 of Chapter 5 of Volume 3 of the FSA HB, Dec 2018 (PDF)
So you filled out the FAFSA form and got accepted to college. Congrats! 🎉 Your school will likely include student loans as part of your financial aid package. Just make sure you know the basics about these two types of loans before you sign to accept either of them.
Read more at consumerfinance.gov.
Generally, there are two types of student loans—federal and private.
Federal student loans and federal parent loans: These loans are funded by the federal government with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans.
Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
Please click here for more information on applying for a private, or alternative student loan.
Please click here for information about the federal loan servicers.
The primary goal of the institutional financial aid professional is to help students achieve their educational goals by providing appropriate financial support and resources. To this end, this statement provides that the financial aid professional shall:
*This was adopted in part from the National Association of Student Financial Aid Administrators’ Statement of Ethical Principles and Code of Conduct for Financial Aid Professionals. The obligations in this Code of Conduct are in addition to any requirements imposed by state or federal laws, or Eastern Oregon University policies.