Interest isn’t charged while you are in school. It begins to accrue six months after you drop to less than half-time or leave school. Eligibility is based on financial need, which is determined by the FAFSA.
Interest is charged beginning on the day the loan is disbursed until it is paid in full. This is still a good loan option, but make sure you borrow subsidized loans first if you are eligible.
This works like an unsubsidized loan and is for parents of dependent, undergraduate students and for graduate or professional students. Eligibility is not based on financial need, but a credit check is required.
Tip: Federal Direct Student Loans are subject to an origination fee which is deducted prior to disbursement to your school.
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