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Student Loans FAQs
Direct Loans FAQ
- If I have previously received a Stafford
or PLUS through another lender, do I have to change to the Direct Loan
Program?
All students and parents needing Stafford or PLUS loans for the 2010-2011 school year will need to apply through the Direct Loan Program. - Will the fees be different?
There will a 1% origination fee and a .5% rebate fee for Stafford loans disbursed after July 1, 2010. There will be a 4% origination fee and a 1.5% rebate fee for PLUS loans disbursed after July, 1, 2010. - Are the terms for repayment similar to
those offered through other lenders?
Yes, Go to www.direct.ed.gov/student.html for more information. - Does the Direct Loans Program allow borrowers
to defer payments?
Yes, The Direct Loan Program allows the same deferments that were available to borrowers in the Federal Family Education Loan Program (FFELP). - If I borrowed through a private bank
last year, will I have to repay two different lenders now?
Your Direct Loan will be serviced by the Department of Education, so you will receive correspondence and payment information from both the Department of Education and your prior lender or servicer. You have the option of consolidating all of your federal loans with the Direct Loan program (or any other lender that offers federal consolidation loans) after you graduate to combine the loans. If you consolidate with Direct Loans, your previous federal loans would be paid in full and all of your payments would be made to the Direct Loan program. - Do I need to complete a new master
promissory note?
Yes, Go to www.studentloans.gov and have your FAFSA pin to sign the new mpn. - What happens to the Stafford loans I
borrowed via my bank or lender in prior years? Will they still be
deferred now
that Moorpark College is changing its loan processing?
As long as you are enrolled in school on at least a half time basis, your prior year federal loans will continue to be deferred. Enrollment information is reported to lenders by the school on a scheduled basis.
