| |
Federal Direct Subsidized Loan |
Federal Direct Unsubsidized Loan |
| Is there any penalty for prepaying or paying my loan off early? |
No |
No |
| How long is the initial grace period? |
6 months |
6 months |
| Does interest accrue during my grace period? |
No |
Yes |
| What is my interest rate? All student loans are simple interest loans; the interest is calculated on the unpaid principal balance at the time of billing. |
Variable interest rate caps at 8.25 percent |
Variable interest rate caps at 8.25 percent |
| What is my minimum payment amount per month? |
$50.00 |
$50.00 |
| Am I responsible for all collection agency fees and litigation fees accrued on my loan? |
Yes |
Yes |
| Will my loan be accelerated if my account is turned over to a collection agency |
Yes |
Yes |
| Once my loan is accelerated and the entire principal balance and accrued interest is due immediately, will I lose all deferment and cancellation privileges? |
Yes |
Yes |
| If my loan is accelerated, will I receive a 6 month renewable grace period. |
No |
No |
| Has my student loan been reported to a National Credit Bureau? |
Yes |
Yes |
| Is my loan reported to a National Credit Bureau each month I am in repayment and is it notified when the loan is paid in full? |
Yes |
Yes |
| Will I be assessed late charges if my payment is not submitted on time? |
Yes, but the charge may not exceed 6% for each late payment |
Yes, but the charge may not exceed 6% for each late payment |