Question about Loan Fee

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RedPurpleBlue
Posts: 453
Joined: Wed Dec 14, 2016 9:41 pm

Question about Loan Fee

Postby 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
Posts: 396
Joined: Thu Jun 05, 2014 12:45 pm

Re: Question about Loan Fee

Postby 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.

xandra_v
Posts: 180
Joined: Sun Jan 08, 2017 12:24 pm

Re: Question about Loan Fee

Postby 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
Posts: 36
Joined: Thu Dec 22, 2016 6:01 pm

Re: Question about Loan Fee

Postby 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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