<p>Hi guys, I am planning out to take out these loans. This is my first time dealing with loans so it is quite unfamiliar with me. When I receive the loans from the FED, where do I go to in order to repay it back? Do I have to visit the FAFSA website? Do I send in a check to an address? </p>
<p>I am trying to pay as much and as fast as possible because I learned that the loan (with interest) accumulates daily. </p>
<p>Also, is it a better idea to start paying back the PLUS loans or the unsubsidized loans?</p>
<p>Hire an accountant?</p>
<p>I can assure you, the lenders are very good about giving you that information. ;)</p>
<p>Here’s a place to start learning more: [Repaying</a> Direct Loans](<a href=“http://www.direct.ed.gov/inrepayment.html]Repaying”>http://www.direct.ed.gov/inrepayment.html)</p>
<p>Here is a good website. Be sure to watch the debate in congress on student loan rates.
[Applying</a> for Federal Direct Loans](<a href=“http://www.direct.ed.gov/applying.html]Applying”>http://www.direct.ed.gov/applying.html)</p>
<p>The PLUS loans are not yours - they’re your parents. So you have no legal obligation to pay them back. That’s on your parents.</p>
<p>The sub and unsub loans will be yours, and the unsub will start accumulating interest immediately. Just make regular payments after you graduate (earlier on the unsub, if possible), and NEVER miss a payment.</p>
<p>But if you need to borrow that much to attend school (sub, unsub, and PLUS loans), then you really need to look for a more affordable school! The combination of sub and unsub won’t be unmanageable if you get a job as soon as you graduate . . . but can your parents really afford those PLUS loans???</p>
<p>The company that service your loan will contact you by mail and email with the address or email account that you gave during the loan application process. Once they do, you can get access to your loan account through their website. You can set up payment arrangement online and link the account to any bank checking account for payment. For us, this happened a few weeks after the first disbursement of the loan. If you have not been contacted by the service company about the loan, you may want to try to check with your financial aid office and find out which company has your loan. There are many different companies that do this.</p>
<p><a href=“http://studentaid.ed.gov/repay-loans/understand/servicers[/url]”>http://studentaid.ed.gov/repay-loans/understand/servicers</a></p>
<p>All students should set up accounts with their servicers as soon as they borrow loans. Once the loan has been sent to the federal processor by the school (this will not be until later in the summer for fall semester), you will be able to see the information in the NSLDS system: [National</a> Student Loan Data System for Students](<a href=“http://www.nslds.ed.gov%5DNational”>http://www.nslds.ed.gov). Log in using your FAFSA PIN. Go to the servicer’s website and create an account. Make sure that you keep the account up to date (e.g., if you change your email address). </p>
<p>See this link for an explanation of the interest: [Interest</a> Rates and Fees | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/interest-rates]Interest”>http://studentaid.ed.gov/types/loans/interest-rates).</p>
<p>It is a great idea to pay the interest as you go. Make sure to stipulate that the payment is for the interest on the unsubsidized loan(s), with any extra going to the principle on the unsubsidized loan(s).</p>