Various repayment plan options are available when you enter the repayment period. Upon Graduation (or leaving Wake Tech)Federal Direct Loan recipients are required to complete a Direct Loan Exit Counseling (Ex C) session when they graduate or when they withdraw from school or drop below half-time enrollment.
Consolidating federal direct loans
You can pay the interest all along – while you are in school and during grace periods and deferment or forbearance periods – or you can allow it to accrue and be capitalized (added to the principal amount of your loan).
Students should note that choosing the second option will increase the total amount they have to repay (they will be paying interest on a larger loan amount).
That means you have just one loan to pay off and keep track of instead of several, and that can help reduce the chance of a late or missed payment.
There’s also the possibility that you could secure a lower or fixed rate on your student loan debt.
It can be completed online at takes about 30 minutes.
Amount Students May Borrow There is a limit on how much a student may borrow in a single academic year (annual loan limit) and in total (aggregate loan limit), shown below.
*Note: Any loan borrowed by the student or parent will be submitted to the National Student Loan Database System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Borrower’s Rights and Responsibilities Statement Repaying Loans Repayment of student loans begins six months after you graduate – or after you drop below half-time enrollment.
Your school will determine how much you can borrow and in what form (what kinds of loans), depending on your year, whether you’re a dependent or independent student, your financial need, and other factors.