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Direct Loan
from:When you want financial aid for college, you should try a direct loan. A direct loan is a college loan from the government of the United States. This loan pays for college tuition as well as consolidates all your college loan debt. The interest rates for this loan can vary. You can be a full or part time student. You are supposed to pay back this loan after you graduate. A direct loan should make it possible for you to graduate from college or graduate school.
There are limits on a direct loan. These limits depend on what year you are in college. When you are a freshman in college, you can only 2,600 dollars. When you are a sophomore or a junior, you can get as much as 5,000 dollar per year. Seniors and graduates have the same limit.
The cap on a direct loan is 23,000 dollars per student. An independent student could get more money. The federal government defines an independent student as being a student who has lived with their parents for the last two years.
Before you decide to get a direct loan, you should talk to a counselor at your high school about the different kinds of loan programs out there. The Internet can also help you in comparing financial sources out there. You can do research about a direct loan as well as apply for one online.
A direct loan has some good attributes. A student can pay, view his or her account and monitor the history of payments. A student can do this online. The federal government also offers financial counseling and other choices when you have to change the billing terms for this loan.
When it comes to a direct loan, you have two choices. You can get a Stafford loan or a PLUS loan. A student can take out a Stafford loan all by themselves. Only a parent can take out a PLUS loan. Both these loans are part of the Federal Family Education Loan Program. With these types of direct loan, the federal government is only your main contact, but it is also the lender of this loan.
When you get a direct loan, there are two types of online counseling that you can get. When you first get the loan, you have to do entrance counseling. This counseling introduces you to all aspects of the loan as well as your responsibilities. A session for this counseling usually takes about 20 to 30 minutes. About the time you graduate from the college, you have to do what is called exit counseling. This is to review what you learned four years before about a direct loan. You are also going to learn about how you can pay off the loan in the future.
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