Federal Direct Subsidized Loan Frequently Asked Questions

Federal Direct Subsidized Loans

  1. Who is eligible for a Federal Direct Subsidized Loan?
  2. How much can I borrow?
  3. Are there any other limitations on the amount I may borrow?
  4. When should I apply for a loan?
  5. How do I apply for a Direct Loan?
  6. What happens after I’ve submitted my loan request?
  7. When do I get the money?
  8. Do I get my money all at once?
  9. Can I cancel all or part of my loan after it has been disbursed?
  10. What is the interest rate charged on this loan?
  11. Am I charged interest on a subsidized loan while going to school?
  12. Are there any other charges for this loan?
  13. When and how do I pay back my loan?
  14. Who manages my loan account?
  15. How can I find out how much I have borrowed?
  16. Where do I send my loan payments?
  17. What if I have trouble making my Direct Loan payments?
  18. What happens if I don’t make my loan payments on time?
  19. What can I do if I am notified I am in default?
  20. Can I ever get out of repaying my loan?

BMCC Financial Aid

Email: finaid@bmcc.cuny.edu
Phone: (212) 220-1430
Fax: (212) 346-8515
Location: Panther Station

Mailing Address:
199 Chambers St. NY, NY 10007, Room N-365

Hours:
Monday and Thursday: 9 a.m.–5 p.m.
Tuesday and Wednesday: 9 a.m.–6 p.m.
Friday: 10 a.m.–5 p.m.

 

School Codes:
FAFSA = 002691
TAP = 1404