FAQs
If you expand “View Loans” and select the “View Loan Details” arrow next to a loan, you'll see the more detailed name for that loan. Direct Loans begin with the word “Direct.” Federal Family Education Loan Program loans begin with “FFEL.” Perkins Loans include the word “Perkins” in the name.
What is the maximum annual amount that can be borrowed in a direct unsubsidized loan? ›
If you're an undergraduate, the maximum combined amount of Direct Subsidized and Direct Unsubsidized Loans you can borrow each academic year is between $5,500 and $12,500, depending on your year in school and your dependency status.
How do I know if my Mohela loan is federal or private? ›
If you're unsure if your loan is federal or private, log into your lender's account — or the place you make your monthly payments. The current federal student loan servicers are: HESC/Edfinancial. MOHELA.
How do I know if my AES loan is federal or private? ›
For federal student loans, the top of a student loan bill will have the name of your student loan servicer and the name of your federal student loan program. For private student loan bills, you'll see the name of your private lender on the bill instead.
What are considered federal Direct Loans? ›
Direct Subsidized Loans and Direct Unsubsidized Loans are federal student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.
What student loans are not Direct Loans? ›
There are two types of federal student loans: Direct and Indirect. Direct Loans are issued by the U.S. Department of Education, while indirect loans are made by colleges and universities. Federal Family Education Loans (FFEL) and Perkins Loans are two common types of indirect loans.
Who is eligible for unsubsidized direct loans? ›
Direct Unsubsidized Loans are available to undergraduate, graduate, or professional degree students enrolled at least half-time at a school that participates in the Direct Loan Program. Financial need is not required to qualify.
What is the maximum you can borrow in federal student loans? ›
Direct Loan limits for independent students
| Year in school | Annual borrowing limit, subsidized loans for independent students |
|---|
| First-year undergraduate students | $3,500 |
| Second-year undergraduate students | $4,500 |
| Third- and fourth-year students | $5,500 |
| Aggregate loan limits | $23,000 |
Jan 7, 2024
Direct Unsubsidized Loan Fees
Fees are deducted from each loan disbursem*nt. You can ask the college financial aid office to increase the loan amount to cover the fees, up to the annual loan limit.
Will MOHELA student loans be forgiven? ›
Learn More About the Qualifications. If you had a job or get a job at a government or eligible not-for-profit organization and repay your loans based on your income, you may qualify for forgiveness of your Direct Loans after 120 qualifying payments and employment.
Who We Are: MOHELA is a non-profit organization and official servicer of Federal Student Aid dedicated to providing world-class customer service to student loan borrowers.
What kind of student loan is MOHELA? ›
What types of student loans does MOHELA service? MOHELA services federal student loans, including all loans being paid off with the Public Service Loan Forgiveness (PSLF) program. MOHELA is also the loan servicer for some private student loan companies, like SoFi and Laurel Road.
Is my loan with AES a federal student loan? ›
Is American Education Services a federal student loan? AES doesn't actually lend money, so there is no American Education Services student loan. Its parent company, PHEAA, does offer a private student loan called the PA Forward Loan. AES helps borrowers manage their student loan payments.
How do I know if my student loan is held by a private lender? ›
Private Student Loans
If you do not know who your private student loan servicers are, request a free credit report at annualcreditreport.com . Private student lenders may report your loans to credit reporting agencies even while you're still in school or in deferment.
Does AES hold federal student loans? ›
Today, AES only services private loans and commercially held Federal Family Education Loan Program (FFELP) loans. FFELP loans that are held by the U.S. Department of Education aren't serviced by AES, and AES doesn't handle other federal loans.
What is considered a direct student loan? ›
Direct Unsubsidized Loans are given to any undergraduate or graduate student. It is not based on financial need. Interest will be collected while in school and included in your student loan repayment plan. Direct PLUS Loans are for the parents of undergraduate students, or for graduate and professional students.
How do I find out if I have Direct Loans? ›
Steps
- Log in to your Federal Student Aid (FSA) Account at studentaid.gov. If you haven't already set up an FSA ID, please create one.
- Once logged in to studentaid.gov, you will see your account dashboard as pictured below, which shows your total federal loan balance.
- Click "View Details".
Types of Federal Student Loans
| Direct Loan Type | Direct Loan Borrower |
|---|
| Direct Subsidized Loan | Eligible undergraduate students with demonstrated financial need |
| Direct Unsubsidized Loan | Eligible undergraduate, graduate, and professional students |
2 more rowsThe main difference between the Direct and FFEL loan programs is the source of funds for borrowers. Funds for Direct Loans come from the federal government; loans made through the FFEL program are provided by private lenders and are insured by guaranty agencies and reinsured by the federal government.
