Now that you are in school and taking out loans, you need to be aware of what type of loan(s) you have and how much you are borrowing. Remember – you will have to repay your loans once you graduate.
By keeping a careful accounting of your financial needs, you will be able to determine how much you need to borrow in a loan. Once you decide how much you will need, you can decide if you should borrow the maximum award for your Direct Stafford Loan(s) and then inform our office. If our office is not notified of your intent, and you complete the steps to accept your loan, we will automatically request the maximum amount you were awarded. You can be proactive in determining what you need to borrow by contacting our office after the eBill has been released – we can help you decide if you need to take out the entire amount of your loan(s) based on your semester charges.
The National Student Loan Data System, better known as NSLDS, keeps track of all your Federal Direct Loans [whether you borrowed while at Purchase or at another school]. It also provides you with the name and contact information for your loan servicer. You may have a different servicer for each loan you borrow, although usually you will be assigned the same loan servicer. You can set up an account online with your loan servicer(s), enabling them to send you electronic communications and updates regarding your loans.
Information is subject to change without notice based upon changes in federal regulations.