{"id":592,"date":"2017-03-03T09:36:12","date_gmt":"2017-03-03T15:36:12","guid":{"rendered":"https:\/\/blogs.wp.missouristate.edu\/finaid\/?p=592"},"modified":"2017-08-16T09:11:49","modified_gmt":"2017-08-16T14:11:49","slug":"repay-direct-loan-federal-stafford-loan-now","status":"publish","type":"post","link":"https:\/\/blogs.wp.missouristate.edu\/finaid\/2017\/03\/03\/repay-direct-loan-federal-stafford-loan-now\/","title":{"rendered":"Repay your Direct Loan\/Federal Stafford Loan Now!"},"content":{"rendered":"<p><strong>Here are a few details about repaying Direct Loans and Federal Stafford Loans:<\/strong><\/p>\n<ul>\n<li>After you stop attending school at least half time, withdraw or graduate, a six-month grace period begins. You receive only one grace period per loan.<\/li>\n<li>Repayment begins after the grace period ends, with your first payment usually due 45-60 days later.<\/li>\n<li>The maximum repayment period ranges from 10-25 years, depending on the repayment plan.<\/li>\n<li>Payments are expected each month.<\/li>\n<li>The minimum monthly payment is generally $50, but this amount may be different depending on your loan balance and your repayment plan.<\/li>\n<li>You may prepay your loan at any time without penalty. Prepayment may substantially reduce the amount of interest you pay.<\/li>\n<\/ul>\n<h2>Repayment Plans<\/h2>\n<p>Here are some explanations of repayment plans available to Direct Loan and Federal Stafford Loan Borrowers.<\/p>\n<ul>\n<li>\n<h3>Standard:<\/h3>\n<p>Minimum monthly payment is $50, but may be higher depending on balance.<br \/>\nMaximum repayment period of 10 years.\n<\/li>\n<li>\n<h3>Graduated:<\/h3>\n<ul>\n<li>After you stop attending school full time, your grace period begins.<\/li>\n<li>Your initial grace period is 12 months and interest does not accrue during this time.<\/li>\n<li>If you re-enroll as a health professions student on a full-time basis during this grace period and are approved for an in-school deferment, you get another 12-month grace period the next time you stop attending school.<\/li>\n<li>If you re-enroll after your initial grace period has ended, you are not eligible for another grace period.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3>Income-contingent for Direct Loans:<\/h3>\n<ul>\n<li>Adjusted payment amount based on gross income and family size.<\/li>\n<li>Eligibility and payment amount adjusted annually.<\/li>\n<li>More interest accrues over the life of the loan because the principal balance decreases at a slower rate.<\/li>\n<li>If you do not repay your loan after 25 years, the unpaid portion is forgiven. You may have to pay income tax on any amount forgiven.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3>Income-sensitive for Federal Stafford Loans:<\/h3>\n<ul>\n<li>Adjusted payment amount based on gross income.<\/li>\n<li>Payment is the greater of your monthly interest amount or 4 percent of your gross monthly income<\/li>\n<li>Eligibility and payment amount verified annually.<\/li>\n<li>More interest accrues over the life of the loan because the principal balance decreases at a slower rate.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>If you ever have difficulty repaying your loan, contact your loan holder immediately, as you have options, including a change to your repayment plan, deferment and forbearance!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are a few details about repaying Direct Loans and Federal Stafford Loans: After you stop attending school at least half time, withdraw or graduate, a six-month grace period begins. You receive only one grace period per loan. Repayment begins after the grace period ends, with your first payment usually due 45-60 days later. The [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-592","post","type-post","status-publish","format-standard","category-general","entry"],"_links":{"self":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/comments?post=592"}],"version-history":[{"count":6,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/592\/revisions"}],"predecessor-version":[{"id":682,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/592\/revisions\/682"}],"wp:attachment":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/media?parent=592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/categories?post=592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/tags?post=592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}