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Newbie question re Stafford loans

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BabyBlue
New Contributor

Newbie question re Stafford loans

Hi everyone,
 
I am back in school pursuing a law degree. I have applied for unsubsidized Stafford loans (through Direct Loans) and my first funds were disbursed last week. The loan is not being reported yet to CBs; I am wondering when approximately I can expect it to show up on my CRs? 
 
Also, will I have a new loan for every semester or will they just keep adjusting the loan amount? I do not think I will be taking any types of loans other than unsubsidized Stafford.
 
Many thanks!  


Message Edited by BabyBlue on 09-04-2008 09:04 AM
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Newbie question re Stafford loans

First, double check with your financial aid office to make sure that you're not eligible for subsidized Stafford loans.
 
I had subsidized, unsubsidized, and private loans every year.  I ended up with one trade line each year for each of the three.  At the end of three years, I had 9 separate loans reporting.  I think the only way you'll have a new loan for each semester is if at some point you don't go for a semester, or you take some summer classes.  If you just do the regular three years, then I think (based on my own experience), you'll have a separate line for each loan.  I used Access Group.  This may be company dependent.
 
As the loan is in deferment for the time being, it might not report for some time, maybe not until there's some action on the loan like capitalizing the interest.  I would just call the loan company and find out what their plan/policy is.
Message 2 of 6
LynnInMN
Frequent Contributor

Re: Newbie question re Stafford loans

It will start reporting in about 30 days and yes you will get a tradeline for each dispursement.
 
When an FA deptartment packages FA, grants are applied first and then subsidized staffords and and unsub last.  If he is only getting unsub, that is probably because he has a high EFC.
Ex-Financial Aid Officer

Ex-Student Loan Collector
Message 3 of 6
lisac
Regular Contributor

Re: Newbie question re Stafford loans

I have the PLUS loans for my son, and my loan hit experian today.  the loan was disbursed  two weeks ago?  don't know it its different for stafford but my loan is already showing.
Message 4 of 6
BabyBlue
New Contributor

Re: Newbie question re Stafford loans

Hi everyone, thank you all for your responses. Better late than never Smiley Wink I have been patiently waiting for my loan to start reporting, but it is still not there....
 
I am not upset or anything, but I just wanted to share that with you. And yes, my EFC was really high (60k+) and I did not qualify for subsidized Stafford. I am married and both my significant other and I had substantial income last year. I am hoping this will change since I had to quit my job to start law school full time, but who knows what the EFC will be. So, I think I will qualify only for unsubsidized loans next year also.  
 
Thanks again for your responses.
Message 5 of 6
xelda
Established Member

Re: Newbie question re Stafford loans

I have subsidized and unsubsidized Stafford loans from the summer and fall, also through Direct Loans.  On my school's billing statement, each disbursement and each type is listed as a separate loan, but on my EQ and TU reports, it is all listed as one loan.  They just readjusted the amount.  The loans took about a full month after disbursement to show up on the reports.
 
I guess how the SL is reported depends on who's providing the loan, but who's providing the loan counts on the financial aid office for information.  I had to fill out two FAFSA forms because summer 2008 technically fell under the 2007-2008 academic year.  But summer 2008 is also the first time I applied for federal aid, so my school counted it as a part of the 2008-2009 cycle.


Message Edited by xelda on 09-30-2008 02:32 AM
Message 6 of 6
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