Requirement process to apply for Direct Unsubsidized Loans

 

The William D. Ford Federal Direct Loan (Direct Loan) Program—Under this program, loans are made by the U.S. Department of Education (ED).

 

To complete the requirements, go to https://studentloans.gov and remember, you will need a valid FSAID. This may require an approximate minimum time of 30 minutes.   

 

Entrance counseling

 

This process is to help you understand what it means to apply for a federal student loan and your responsibilities with the ED.  At the end of your studies, you must repay the total amounts with interest. So be aware of the amounts you request every academic term.

 

You will learn the following:

 

  • Manage your study expenses.

  • Other financial resources you should consider helping you pay for your studies.

  • Rights and responsibilities of the borrower.

  • All students who request a Stafford Loan:

Master Promissory Note (MPN)

 

The MPN includes the terms and conditions of the student’s loan and you need the information of two personal references (preferably family not leaving with you and they must have a different postal address).  

Overview of Direct Unsubsidized Loans:

 

  • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.

  • Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.

  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.

  • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

 

To know more, go to: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized

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