You can also call the Federal Student Aid Information Center, 1-800-4-FED-AID, TDD 1-800-730-8913. The Center’s counselors can help you figure out what types of loans you have. Federal loan promissory notes and applications will state the name of the federal loan program (Stafford, PLUS, Perkins, FFEL, William D.
How do I know what student loan I have?
To figure out what type of federal loan you have, look at the promissory note and application, or log into your account on studentaid.gov. You can also look at the top of your monthly bill – the name of the program should be listed there.
What is a Stafford Loan considered?
Stafford loans are a type of federal student loan that are either subsidized – the government pays the interest while you’re in school – or unsubsidized – you pay all the interest.
Are direct loans and Stafford loans the same?
Federal Stafford loans, sometimes called Direct Loans, (and shorthand for subsidized and unsubsidized loans) are a common way to help pay for college. According to the Department of Education, more than 33 million borrowers in the United States have one (or more) of these loans.
How do I know if I have a private or federal student loan?
Log in to StudentAid.gov using your FSA ID (account username and password) and select “My Aid” under your name. My Aid displays information on all federal loan and grant amounts, outstanding balances, loan statuses, and disbursements.
What are the 4 types of student loans?
Keep in mind that all student loans, including federal loans, are money that you are borrowing to pay for school and must pay back with interest.
There are four types of federal student loans available:
- Direct subsidized loans.
- Direct unsubsidized loans.
- Direct PLUS loans.
- Direct consolidation loans.
Do Stafford loans still exist?
No new loans have been made under the FFEL Program since July 1, 2010. However, many people and schools also informally use the term “Stafford Loans” or “Direct Stafford Loans” to refer to Direct Subsidized Loans and Direct Unsubsidized Loans made under the William D.
Do I have a federal Stafford loan?
Check the Federal Student Aid site
Studentaid.gov contains information on all federal student loans. It’s the easiest way to determine if your loans are federal and get any loan information you may need. If you don’t see your loan information on studentaid.gov, you don’t have a federal student loan.
Are fafsa loans Stafford?
Direct Stafford Loans include the following types of loans: A subsidized loan is awarded on the basis of financial need, as determined by the information you submit on the Free Application for Federal Student Aid (FAFSA).
What are the two types of Stafford loans?
There are two categories of Direct Stafford Loans: subsidized and unsubsidized.
Are Stafford loans going to be forgiven?
Direct Loans qualify for forgiveness
That includes Direct Stafford Loans, and all Direct subsidized and unsubsidized federal student loans.
How do I know if I qualify for student loan forgiveness?
How do I know if I am eligible for debt relief? To be eligible, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households). If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt relief.
Do I have to pay back Direct Stafford loan?
Once you graduate, drop below half-time enrollment, or leave school, your federal student loan goes into repayment. However, if you have a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, you have a six-month grace period before you are required to start making regular payments.
Do student loans go away after 7 years?
While negative information about your student loans may disappear from your credit reports after seven years, the student loans themselves will remain on your credit reports — and in your life — until you pay them off.
What loans are considered federal student loans?
Types of federal student loans
Direct Subsidized Loans. Direct Unsubsidized Loans. Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student’s parents, also known as Parent PLUS Loans.
Are my student loans public?
Check the Federal Student Aid site, studentaid.gov
Any loan listed on that website would be a federal student loan — even if a bank made it. If you have a student loan listed on your credit report that doesn’t show up on studentaid.gov, it is likely a private student loan. You can access the site using your FSA ID.
What is the most common federal student loan?
Stafford loan
The most common federal loan is the Stafford loan. Stafford loans offer fixed interest rates, meaning the interest rate stays the same from the time that you take out the loan until you pay it in full. There are two types of Stafford loans.
What types of student loans are being forgiven?
If you have Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans or FFEL Loans owned by the U.S. Department of Education, they’re all included in the forgiveness plan. Additionally, borrowers who applied for consolidation of privately held FFEL or Perkins Loans before Sept.
What is the best student loan type?
A subsidized loan is your best option. With these loans, the federal government pays the interest charges for you while you’re in college.
Are Stafford Loans forgiven after 20 years?
Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).
Do Stafford Loans expire?
Federal student loans never expire. This is because, unlike private student loans, they have no statute of limitations. And while the clock technically can run out on private student loans, that doesn’t mean your student loans have vanished — rather, lenders simply can no longer take legal action to collect.