You must repay your student loan even if you don’t complete or can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan. However, we will discharge (forgive) your loan if you have your loan discharged in bankruptcy, if you become totally and permanently [...]
■ You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing.
■ Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. Generally, your child is considered dependent if he or [...]
You apply for a Direct Subsidized and Unsubsidized Loan and other federal student aid by completing a
Free Application for Federal Student Aid (FAFSA). The information from your application will be shared with
the schools that you have identifi ed on the FAFSA. Some schools have additional application procedures—check with your school’s fi nancial aid offi ce [...]
If you fail to make a payment on time, you’re considered delinquent on your Direct Loan. If you do not make payments for 270 days, you are considered to be in default. Default has severe and long-lasting consequences, including the following:
The Department of Education can immediately demand repayment of the total amount due on the [...]
Generally, you’ll have from 10 to 25 years to repay your student loan, depending on the repayment plan that you choose. Your monthly payment amount will be based on how much you borrowed and how long you take to repay. You may choose one of four repayment plans:
Standard Repayment Plan - Fixed monthly payments for [...]
