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Federal Direct Loans For Students
The U.S. Department of Education is the lender of the Direct Loans for students. Direct Loans are low-interest loans for students and parents to help pay for the students college education.
You apply for Direct Loans by filling out and submitting the Free Application for Federal Student Aid, commonly known as FAFSA.
The information you provide on your FAFSA application is then sent to the colleges you list on the application. The colleges then determine your need for student financial aid.
The Direct Loan Program provides four types of loans:
1. Subsidized Loans are available for students that can demonstrate financial need based on federal eligibility. The student is not charged interest on the loan while attending school at least half-time, during deferment, or during the grace period.
2. Unsubsidized Loans are available to students and are not based on financial need. Interest on the loan is charged at all times during the duration of the loan.
3. PLUS Loans are Parent Loans for Undergraduate Students. These are unsubsidized loans for the parents of dependent students and for graduate and professional students. Interest is charged during the entire duration of the loan. Parents or students applying for PLUS loans can not have a bad credit history, a check of the applicants credit score will be conducted.
4. Consolidation Loans provide for the consolidation of several federal student loans into a single Direct Consolidation Loan.
Your college will let you know how much money you can borrow and the types of Direct Loans you are eligible for.
You will receive a letter from the school notifying you of the financial awards and the loan amounts it is offering. This "award letter" should list all of your proposed federal financial aid.
Once you get your award letter, review it very carefully to see what is available to you. Remember that you do have the right to decline the proposed loan or request a smaller loan amount.
