Question about Loan Fee Forum

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RedPurpleBlue

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Question about Loan Fee

Post by RedPurpleBlue » Fri Jul 07, 2017 12:37 am

On my scheduled disbursement, it says that I've borrowed $10,250 in Direct Unsub Stafford Loans. The fee is $109. The net amount is $10,141. Does this mean I'll be on the hook to come up with $109 extra dollars when fall semester rolls around? If so, how do I borrow out the proper amount of aid in Grad PLUS to make sure I'm getting disbursed $10,250 (of course with a few extra dollars in fees on the side).

mcmand

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Re: Question about Loan Fee

Post by mcmand » Sun Jul 09, 2017 7:49 pm

Contact your financial aid office and ask them to clarify how much is actually being disbursed and ask them to ensure you're getting the maximum (if that's what you want). Sometimes financial aid offices will automatically disburse a lesser amount, rather than the maximum amount under their cost of living formula. A quick phone call usually fixes this.
Last edited by mcmand on Fri Jan 26, 2018 4:14 pm, edited 1 time in total.

xandra_v

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Re: Question about Loan Fee

Post by xandra_v » Thu Jul 13, 2017 11:53 am

RedPurpleBlue wrote:On my scheduled disbursement, it says that I've borrowed $10,250 in Direct Unsub Stafford Loans. The fee is $109. The net amount is $10,141. Does this mean I'll be on the hook to come up with $109 extra dollars when fall semester rolls around? If so, how do I borrow out the proper amount of aid in Grad PLUS to make sure I'm getting disbursed $10,250 (of course with a few extra dollars in fees on the side).
Agree confirm with them but I had a similar Q and I believe they just take the $109 off the top and disburse the remainder to you (i.e., 10,250-109 = 10,141)

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studentloanplanner

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Re: Question about Loan Fee

Post by studentloanplanner » Mon Sep 11, 2017 11:45 pm

RedPurpleBlue wrote:On my scheduled disbursement, it says that I've borrowed $10,250 in Direct Unsub Stafford Loans. The fee is $109. The net amount is $10,141. Does this mean I'll be on the hook to come up with $109 extra dollars when fall semester rolls around? If so, how do I borrow out the proper amount of aid in Grad PLUS to make sure I'm getting disbursed $10,250 (of course with a few extra dollars in fees on the side).
That fee just gets included in the loan principal amount. It's the origination fee for Stafford Unsubsidized. Grad Plus is a killer 4.27% I believe. If you borrow $100,000, in that case right away you'd owe $104,270

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