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Frequently Asked Questions

Use the search bar below to sort through our library of FAQs to learn more about a specific product, service, or process.

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How long does it take to apply and receive a decision for a HELOC?

It takes about five minutes to apply and you will have an answer within one business day.

Can I pay off a home equity loan or line with another lender using a Direct Federal Home Equity Loan or Line?

Yes. In the application, please select "Refinance Home Loan" as the "Loan Purpose".

Is there a balance transfer fee for credit cards?

There are no balance transfer fees.

Is there a credit card cash advance fee?

There is no cash advance fee.

Is there a credit card over limit fee?

There is no over limit fees.

Is there a credit card annual fee?

There is no annual fee.

Is there a credit card foreign transaction fee?

1% of each transaction in US dollars.

Why am I seeing my child’s account and/or accounts?

You are able to see and access all of the accounts your Social Security Number is associated with at Direct Federal, under one login. This includes Custodial accounts, Joint accounts, and Trust accounts. If you see accounts you don't want to see, you can go to My Settings and click on Accounts. Here you will be able to hide/unhide and rename your accounts.