You have to get credit counseling from a government-approved organization up to six months before you file for any bankruptcy relief. Direct Subsidized Loans and Direct Unsubsidized Loans are low-interest loans for eligible students to help cover the cost of college or career school.Completed applications must be submitted to the financial aid office of the institution on, or before, September 15 prior to the fall semester of enrollment. If you withdraw from (or "drop") a class or withdraw from a school entirely, you may need to pay us back for certain education benefit payments you've received. There is no exemption solely because you are having difficulty paying your debts. Renewal of Virginia State Grants is based upon eligibility and availability of funds. The award cannot exceed a maximum of 4 years. Call 1-800-4-FED-AID (800-433-3800). Please pay close attention to which FAFSA application you are completing. Grants are a form of gift aid based on demonstrated financial need.