Federal Direct Loans are low-interest loans awarded to eligible students or parents who are either U.S. citizens or permanent residents. In addition, the student must have completed a FAFSA and be enrolled at least half-time and not in default or overpayment on other federal financial aid.
Types include Subsidized (need-based, no interest in school), Unsubsidized (no need requirement, interest accrues), and PLUS (for parents/graduates, requires credit check).
Learn more about the annual awards.
If you receive a federal student loan, you will be required to repay that loan with interest. Make sure you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay.
Learn more about the current federal interest rates.
Your Federal Direct Loan funds will be sent in paid via EFT (Electronic Funds Transfer) and will be applied directly to your Whittier College student account. The first disbursement will arrive after the first day of instruction in the fall semester and the second disbursement in the spring.
The following items are required before funds can be disbursed:
Once all financial aid requirements are met, your Federal Direct Loan funds will be applied to your Whittier College student account within one week of the start of the semester.
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer, and you'll be notified of your first monthly payment due date. Payments are usually due monthly.
If you are unable to make your scheduled loan payments, contact your loan servicer immediately. Your loan servicer can help you understand your options for keeping your loan in good standing. For example, you may wish to change your repayment plan to lower your monthly payment or request a deferment or forbearance that allows you to temporarily stop or lower the payments on your loan. Learn more about deferment or forbearance options.
