<p>So I just accepted my FA package from Binghamton University, and I accepted the full amount for the loans. Do I still have to apply for the loans, even though I accepted them?</p>
<p>I'm getting the Federal Direct Subsidized Loan, the Federal Direct Unsubsidized Loan, and the Federal Perkins loan. </p>
<p>(My parents didn't go to college so they don't understand any of the college processes)</p>
<p>You won’t have to apply for the federal loans per se, but there will be some paperwork. The school will contact you with instructions.</p>
<p>You will have to do the entrance counseling (a short online session to make sure you understand student loans) and electronically sign the Master Promissory Note. The links and instructions will all be on their FA website - you’ll need your student# or some other identifier they’ve assigned to you. If Bing is like other SUNY’s, this will be the only time you do the MPN and it will be good for all federal loans you take during your time there. Make sure you print copies of everything and start a folder/binder to keep track of your loan correspondence. You don’t need to do anything right away, but should get your loan apps done by July.</p>
<p>for the Federal Direct subsidized loan…do students pay that after they get out of college?? right? andd how much is the interest on it??</p>
<p>The interest on the direct subsidized loan is paid by the govt until you graduate or drop below half time plus a 6 month grace period. The interest for loans for 2010-2011 is 4.5%. </p>
<p>The interest on the Perkins loan is paid by the govt until you graduate or drop below half time plus a 9 month grace period. The interest rate is 5%. </p>
<p>The interest on the direct unsubsidized loan is your responsibility from the day the loan is disbursed (though can be deferred and will accumulate till you start paying). The interest rate is 6.8%.</p>