Are you a new federal Direct Loan borrower since July 2013? You are subject to a new federal regulation that limits your loan subsidy to 150 percent of your degree program. If you are in a four-year program, for example, and have attended for six years, you will no longer received subsidized loans and will be responsible for interest on your loans.
The Office of Federal Student Aid has launched a new one-stop website, studentloans.gov/repay, to help borrowers navigate student loan repayment options and select their best option in five steps or less. The initiative is part of the federal government's push to enroll as many student borrowers as possible in income-driven repayment plans for their student loans.
Volumes in our office are high this time of the year, whether students are contacting us by email, phone, fax or in person. If you have submitted documents, it may take up to 5 business days for receipt of these documents to show up on Wolverine Access in the student’s secure portal. We appreciate your patience as we work to award aid for 2016-17.
The application period for federal Direct PLUS Loans is now open for U-M graduate students and parents of dependent undergraduates seeking PLUS Loan funding for the 2016-17 academic year. To apply, visit studentloans.gov.