Question by freehorses97: What do you have to do to get a subsidized loan for college?
In my Financial aid award letter, along with my grant there was a subsidized loan also listed. In my college, you have to fill out a separate application for a loan so would that subsidized loan fall under a loan I need to apply for? Or would it be with I either accept it along with my grant or reject it?
(I don’t NEED this loan, I would just like to know what I have to do if I decided I wanted the loan)
Best answer:
Answer by Jo Han
All student loans in the U.S. are now subsidized. Thank Obama.
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http://www.direct.ed.gov/applying.html
My daughter got a subsidized Stafford. It was offered on her financial aid award. We had to put a check mark on either accept for deny the loan on the college website she logs into that showed her award. Then we were directed to this site: https://studentloans.gov/myDirectLoan/index.action and she had to do the entrance counseling and the MPN which is described in the first link above. To summarize the entrance counseling takes at most 40 minutes in which you read and learn about the direct loan process so you know what you are accepting. The MPN you sign up for once and you use all the time you are in college when you accept federal loans. It is just legal contract saying that when you accept federal loans you agree to repay them at the terms. If you do not do entrance counseling and the MPN they will not release any loans to you.
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