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AwardYear: 1998-1999 EnterChapterNo: 11 EnterChapterTitle: William D. Ford Federal Direct Loan Program SectionNumber: SectionTitle: Contents PageNumbers: INTRODUCTION . . . . . 1 Recent Changes . . . . . 2 SECTION 1: ELIGIBILITY . . . . . 5 Student Borrower Eligibility . . . . . 5 Parent Borrower Eligibility . . . . . 8 Eligibility After Bankruptcy Discharge . . . . . 9 Refusal to Originate a Loan . . . . . 9 Institutional Eligibility . . . . . 10 Withdrawing from the Direct Loan Program . . . . . 12 SECTION 2: DIRECT SUBSIDIZED LOANS, DIRECT UNSUBSIDIZED LOANS, AND DIRECT PLUS LOANS . . 13 Credit History . . . . . 13 Loan Limits . . . . . 14 Prorated Annual Loan Limits--Direct Subsidized and Unsubsidized Loans . . . . . 19 Frequency of Annual Loan Limits . . . . . 22 Interest Rates . . . . . 25 Additional Borrowing Costs . . . . . 27 Grace Periods--Direct Subsidized and Unsubsidized Loans . . . . 28 Repayment . . . . . 28 Deferment . . . . . 34 Forbearance . . . . . 37 Discharge . . . . . 39 Department of Defense Repayment . . . . . 41 Borrower Defenses . . . . . 41 SECTION 3: DIRECT CONSOLIDATION LOANS . . . . . 43 Types of Direct Consolidation Loans . . . . . 43 Loan Limits . . . . . 45 Interest Rates . . . . . 45 Additional Borrowing Costs . . . . . 46 Eligibility . . . . . 47 Subsequent Consolidation . . . . . 52 Repayment . . . . . 53 Holder Responsibilities . . . . . 54 SECTION 4: DEFAULT . . . . . 57 Default's Effect on Borrowers . . . . . 57 Default's Effect on Schools . . . . . 60 SECTION 5: SCHOOL RESPONSIBILITIES . . . . . 71 Determining the Loan Period . . . . . 71 Disbursements . . . . . 73 Other School Responsibilities . . . . . 79 |
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