I already signed for a certian amount on my student loan and then it was reduced. Why can I just pay it back to Direct Loans after graduation?
When you sign your promissory note for a direct loan it does not have a specific borrowed amount on it. It is a Master Promissory Note, good for all Stafford Student loans you borrow over the years in the Federal Direct Lending Program. Your Hokie SPA/ MyVT account will show the current amount of the loan for each academic year, and the total amount from each academic year is the amount you are obligated to repay once you leave Virginia Tech and begin loan repayment. By Federal Law, Virginia Tech may be obligated to reduce your loan and return those funds to the lender if you become ineligible for all or part of the funds or an over-awarding situation arises.
Related Questions
- When is the deadline to pay the interest that has accrued until graduation (i.e., Stafford loans) to avoid that interest being added to the loan principal?
- I already signed for a certian amount on my student loan and then it was reduced. Why can I just pay it back to Direct Loans after graduation?
- How Do You Get A Student Loan To Pay For Off-Campus Housing?
