Repaying federal loans

<p>how and who do you repay your loans to? i have unsubsidized loans. does interest accumulate daily or is it monthly? does it begin the first day of the school or does it begin at the first day of the first month of school (like Aug)?</p>

<p>Federal loans don't start getting paid off until six months after you graduate (or leave school). Interest is compounded from the time the school receives the money, and if you want and can, you can pay that off as you go to keep your balance down. You will receive statements (quarterly, I think?) telling you what interest has accrued.</p>

<p>i want to pay my entire unsubsidized loan for this semester off with my summer job money as soon as school starts. can i do that?</p>

<p>If you use your summer job book money to pay off your stafford loans as soon as school starts, what will you use for book money and all of the other start up monies you will need when arriving to campus?</p>

<p>Log on to the federal student loan site - <a href="http://www"&gt;www&lt;/a>. nslds.ed.gov. I think you click on Financial Aid, then it will ask you for your SSN, pin (same one you use for FAFSA and entrance counseling), etc. Anyway, you'll be able to see your loans and accumulated interest. IIRC, there is information about the loan servicer (or whatever it's called) if you click on a little box in front of the loan amount. That should be who you contact/make payments to. Aren't you getting statements in the mail quarterly?</p>

<p>i only want to pay off my unsubsidized loans so that it wont accumulate interest. luckily the amount i earned is enough for the unsub loan for this semester and a little left over for books and other stuff. im an incoming freshman and school starts in 2 weeks. maybe thats when the mailing starts? thanks for all of the help :)</p>

<p>ILP, depending on how your loan is written up and structured and who holds you loan, you may not be able to selectively pay off only your unsubsidized loan. </p>

<p>D1 is paying off her undergrad loan and found out that she cannot selectively apply payment to only her unsub loans. Any payment she makes is divided among all her loans proportionally according to how much she owes on each.</p>

<p>Couldn't you just pay the interest on the unsub loan?</p>

<p>Wait...if you're an incoming freshman, how do you even have loans disbursed yet?! If you're talking about paying back loans for this fall, just contact the school and have them adjust your loan amount and save yourself the trouble and the origination fee!</p>

<p>is it too late? i already signed the master something note and accepted my financial aid</p>

<p>WOWMom-
With MUCH persistence, I found that I could (and did) pay off DS's UNsub stafford while leaving his sub loans for him to pay.
I had asked him to take a small unsub loan his 3rd year of undergrad when we were short one semester with what we were agreeing to contribute. Always knew that I would pay it off shortly.....when I sent total amount due with a letter of instruction on how to apply the payment, it was indeed spread evenly over ALL his loans, unsub and sub.</p>

<p>SEVERAL phone calls to 1-800 federal loan folks and the payment was redistributed and the entire unsub loan was retired. Very annoying but it was allowed.</p>

<p>ilikepizza, did you accept the loan already ... but have never received any loan yet because you are not yet in school? If this is the case, you haven't actually borrowed the loan yet. The loan isn't paid out until 10 days before the first day of classes at your school. You can contact your school and cancel the loan before it ever pays out ... and you will not have anything to repay or any interest accumulated.</p>