Alert: Important information you should know about loan exit counseling.

Overview:
Federal Direct Unsubsidized Loans are non-need based loans. All students who meet general eligibility requirements may qualify for Federal Direct Unsubsidized Loans. No cosigner is required to apply for Federal Direct Unsubsidized loans which replace the Federal Stafford Loans, Guaranteed Student Loans, and "bank loans".

Students must be enrolled at least half-time to be eligible for Federal Direct Unsubsidized Loans. The student is responsible for all interest that accrues while the student is enrolled at least half-time.

Application for this type of financial aid is done by filling out and submitting the Free Application for Federal Student Aid (FAFSA), and Basic eligibility requirements must be met, as determined by the federal government.

Interest begins to accumulate from the date of the first loan disbursement and is billed quarterly. Students may choose to pay the interest that accumulates or have it capitalized. Paying the interest as it accumulates will reduce the amount of interest that must be repaid. A 3% origination fee is deducted from the loan before it is disbursed.

Direct Loan Servicing provides online access to information on your existing Direct Loan(s). You may access your account information, view your loan balance, change your address, download deferment, forbearance and Electronic Debit forms, and complete the On-line Exit Counseling Session. Enhancements effective April 2000 will include the ability to view your payment history, change your payment due date and to select a different repayment plan using the new repayment estimator that provides payment amounts using your actual Direct Loan balances in the system.

You now have the ability to check amounts borrowed to date and repayment status. You will need your PIN to do so. The PIN serves as your identifier to let you access your personal information in various US Department of Education Systems. It's like the Personal Identification Number you get from your bank that enables you to access you account. Because your PIN serves as your electronic signature, you should not give it to anyone.

Once you successfully complete a request, the US Department of Education will mail your PIN to you via the US Postal Service. It will take approximately 7-10 days after you request your PIN for you to receive it in the mail.

When you use your PIN, you must type the PIN exactly as it appears on the letter that is sent to you.

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