Term Paper, Research Paper, Essay and Dissertation Blog | Expert Tips » student loans http://www.masterpapers.com/blog Here at MasterPapers.com you will find useful tips on on writing essays, research papers, term papers, dissertation, thesis, coursework, resume, content and book reports Mon, 26 Dec 2011 15:06:30 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 What is a student loan? http://www.masterpapers.com/blog/student-life/student-loan-5/ http://www.masterpapers.com/blog/student-life/student-loan-5/#comments Tue, 22 Jan 2008 14:40:20 +0000 admin http://www.masterpapers.com/blog/student-life/student-loan-5 College education is a must, and for that a student loan is a prerequisite. You could be buried under a mountain of debt if you don’t do the smart thing and choose the best option available in the market. Although there is a wealth of information on the Internet, not all of it is useful, and to protect you, here are a few guidelines to follow while selecting the best finance plan for your education,
Federal student-loan programs are sanctioned every year by The U.S. Department of Education to the tune of more than $67 billion in loans, grants and campus-based aid to assist students and their families to pay for post-secondary education. This will give you a quick idea of what is covered under the federal-loan scheme.
o The Federal Stafford-Loan is issued in the name of the student, is based on need of the student and does not require a credit check as it guaranteed by the government and a private backer. The best part of this loan is that there’s no need to repay this loan until after graduation, or if the student leaves school or is attending part time.
o Federal PLUS loans are made in the name of the parents. These loans require a credit check but the credit criteria are not as strict as other types of consumer loans. Repayment of a Federal Plus Loan usually begins after the student has passed out of the college and started working.
o The Federal Graduate PLUS is just like the Federal PLUS loan, except that it is made in the name of the student.
One of the most affordable student loans are Federal student loans, which include Stafford loans for students and PLUS loans for parents. Infact, interest rates for these Federal student loans are drastically lower than those of personal loans, credit cards, car loans, housing loans and even mortgages!
Private Education Loans If scholarships, grants, work-study and Federal student loans programs are still not sufficient for covering all your student expenses of food, clothing, housing and education, then, Private Loans, also called as an alternative loan, are available to the student.
o These private loans are personal credit-based-loans, which are not guaranteed by the Federal government. However, the lending limits are higher than Federal student loans, but the interest rates may be significantly higher than Federal Aid programs. But it will definitely help you complete your finance aid program for your education.
o Private loans can be used for all you expenses and not only education but also fees, books, housing, computer, travel, food and daily expenses! If you wish to apply for a private loan yet have no good credit history or poor credit, it’s a sensible option to have a co-signer who has a strong credit back ground to improve your chances of getting approved for a private loan.

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Every student who starts on the road to a university education this year, will need a student loan that they can receive from the government or from a private facility. But there’s no need for worry, for with the proper guidance getting a student loan is as easy as ABC.

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]]> http://www.masterpapers.com/blog/student-life/student-loan-5/feed/ 0 Student loan consolidation! Do I really need it? http://www.masterpapers.com/blog/student-life/student-loan-consolidation/ http://www.masterpapers.com/blog/student-life/student-loan-consolidation/#comments Tue, 22 Jan 2008 13:19:14 +0000 admin http://www.masterpapers.com/blog/student-life/student-loan-consolidation Worried about how you are going to pay back the whole bunch of student loans you have accumulated? Not to worry! Student loan consolidation can combine all your different loans under the same umbrella with a single lender.

How do I get my student-loans merged?
Due to the expenses involved in college education, students normally end up with a whole bunch of loans issued for education, food and many other different expenses. Each loan could be for a different amount and carries a special interest rate. It’s a good idea to keep a close track of your loans at the National Student Loan Data System website. This is important because you can keep a track of your loan amounts and the date when you are expected to start repayment.
The majority of all loans federal as well as private are postponed for the first six months after graduation, so that you can start a new job, which means you don’t have to make payments during that time. But you definitely have to know when the different loans will start their payment schedules. And its for this reason, its better to club all these loans under a single lender so that you have to make only a single payment every month rather than keeping a track of five to six separate dates and payment amounts.

What is the advantage of merging my student loans?
1. The main benefit of clubbing your loans with a single prominent company is a small monthly payment, which you can obtain by stretching out your payment schedules over a longer amount of time. Such single lender companies are also ready to give a substantial discount, if you promise prompt monthly payments.
2. You can replace all your different loans with different interest rates with a single interest rate under a single lender with a single payment. Very easy to remember!
3. Set up a schedule for prompt repayment of these installments as it’s a good idea to have a good credit history rather than having your loan checks get defaulted There are four types of repayment choices that can be done on all types of consolidation plans,

• Standard Repayment Plan: is adjusted for a fixed monthly payment for a maximum of 10 years.
• Graduated Repayment Plan: Monthly payments are originally set to a lesser amount for the first two to five years. After that, payments increase to provide for settlement of the loan over ten years. The idea is that your income usually begins low and then increases, so you can begin with a lower payment, and after your income increases, your payments will rise.
• Extended Repayment Plan: is adjusted for a fixed monthly payment schedule ranging from 12- 30 years, depending on the sum borrowed. The monthly payment will be lesser than the standard plan, but you the interest will be more.
• Income-Contingent Repayment Plan: Monthly payments are dependent on the borrower’s earnings, family, and total finance amount, and can be repaid in 25 years or more.

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While student loan consolidation can seem like an ideal option for people who have more than a single loan, the repayment plan can be a little difficult. But it’s in your own advantage to have no missed payments or defaults in your credit history as this will affect your future chances of financing a car or home loan. So think carefully, and decide warily!

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]]> http://www.masterpapers.com/blog/student-life/student-loan-consolidation/feed/ 0 Are low interest loans really helpful? http://www.masterpapers.com/blog/essay-writing-tips/low-interest-loans/ http://www.masterpapers.com/blog/essay-writing-tips/low-interest-loans/#comments Mon, 21 Jan 2008 19:59:35 +0000 admin http://www.masterpapers.com/blog/essay-writing-tips/low-interest-loans If you’ve passed the qualifying exams the next headache you are faced with is how to finance that expensive college education with your limited funds? You do know that you have to find the best low interest student loan possible to finance your educational and household expenses. And the best way to go about this is to get a low interest loan that can be repaid after you pass out of college and get a good paying job. So where can you get such a good low interest loan? Here’s a little detailed report on how to get a good low interest loan,

Federal funding or Student aid:

When searching for low interest loans you can’t get any loan with a lower rate than the federal government loans for students. So try to find any one of the Federal loans as sources of financial aid first, and then think about private sources as an option for your entire remaining education finance program.
The best way to get started is by filling out your free application for federal student aid form or the FAFSA application. This will determine your eligibility for federal loans.
Here are a few of the popular Federal Funding loans for students,
1. Federal Stafford Loans are available to students enrolled at any of the direct lending programs.
2. Federal Perkins Loans permits students to borrow up to $3,000 to $ 5000 a year. The Federal Perkins Loan has one of the lowest interest rates and is usually given to scholars who can demonstrate a financial need.
3. You can also be eligible for a Pell Grant.
4. Federal Graduate PLUS Loan has a fixed interest rate of 8.5% and is available to students at a reputable college. But it is credit based and will require a credit check of the parents or the student if he is over 18 years of age. Although the criterion for obtaining this type of loan is less severe than private education loans. You may be able to borrow your entire educational needs, barring household expenses.

Private funding
Apply for alternative and private loans after you’ve finished applying to the federal loans and grants, scholarships and finance help from agencies. Private and alternative loans are considered the last stop for student loans as they have the highest interest rates.
They are usually used when more funds are needed but try to keep the borrowing to a minimum to prevent going into default later on. Terms of private loans vary considerably, so it’s essential to do make through inquiries. These loans can be pricier than federal loans because the federal government does not guarantee or back them. Sometimes you may be able to get a lower interest rate if you have a co-signer.

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Low interest student law loans are readily available, but it is recommended that you seek out your federal options first then turn to private student loans. By doing this, you can find a good low interest loan that best fits your needs.

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]]> http://www.masterpapers.com/blog/essay-writing-tips/low-interest-loans/feed/ 0 International student loans http://www.masterpapers.com/blog/student-life/international-student-loans/ http://www.masterpapers.com/blog/student-life/international-student-loans/#comments Sat, 19 Jan 2008 19:33:41 +0000 admin http://www.masterpapers.com/blog/student-life/international-student-loans/90 If you are from a country with a lesser exchange rate you’ll easily realize that studying in the US or the UK is going to be very difficult to finance. The International Student Loan Program is now present for international students from around the world, who aim for a gradute education in USA, UK or Canada.
Private loans or alternative international student loans.
These loans offer:
• Funds are which are disbursed directly to you and not to the college.
• Loans are accepted at TERI-approved schools which you have to select before hand.
• Interest rates are made competitive for the international students benefit.
• No application fees for the loan.
• You can use the funds for living expenses but it also means you have to manage the funds carefully. Pay your schooling, accomodation, health insurance and books,and incidentals first
• Repayment of an international student loan is deferred while you studying and for six months after you graduate. After that, you will have a time period of 20 years to repay the loan monthly.
Here are a few examples of private student loans which are available to the International students,
1. GATE Student Loan Program or the Guaranteed Access to Education is a private student loan program which is offered through contributing schools along with Banks. Undergraduate international students can borrow under this program with a US citizen as a cosigner.
2. Global Student Loan Corporation or GSLC requires a co-signer in the student’s home country who is the student’s parent or guardian
3. International Student Loan Program and Study Abroad Loan Program are an alternative private loan program for international students to study at accepted US colleges and academies.

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Before applying for a loan, you should exhaust the following potential funding sources:
1. Try to contact your college and ask for an interantional student aid package.
2. Search out and apply for any type of international student scholarships or grants on your own.
3. Every dollar you borrow has to be paid back and if you are from an economy which has an exchange rate which is not favorable, then watch out! You could be digging your self into a world of debt.Carefully evaluate the amount you’ll be needing and don’t be afraid of asking for help from government agencies and friends with influence.
4. Contact every school’s international scholar administrative center, application agency, and registrar’s office. Request specific information about international student aid.
5. You may find that you need to seek out private student loans rather than rely on government loans, which are not available to nonresidents. But the country of your residence can still provide you with government loans which can prove more economical then the country you will be studying in.
International student loans are available for students, as private rather than government loans and almost all these loans require a American citizen as consignee.

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]]> http://www.masterpapers.com/blog/student-life/international-student-loans/feed/ 5 How can I get a graduate student loan? http://www.masterpapers.com/blog/student-life/student-loans-6/ http://www.masterpapers.com/blog/student-life/student-loans-6/#comments Sat, 19 Jan 2008 18:14:36 +0000 admin http://www.masterpapers.com/blog/student-life/student-loans-6/89 Graduate school is expensive and if you are planning on entering a professional college than it’s going to be more so. A typical year of graduate school costs somewhere between $17,000 for a master’s at a community university to more than $56,000 at dental school. As compared to undergraduate education, there is a far lesser amount of money available for graduate school. And most graduate schools also tend to give awards on the basis of merit rather than financial requirement.
So what can I do to get aid for my graduate degree program?
1. Polish up that CV. Graduate school admission is based on your merit and you’re Grade Point Average Score. So if you don’t really have a good scholastic record then you should be careful. Sell yourself to these colleges on the basis of the status of your undergraduate school, recommendation letter from noted individuals, special interests and your specific research fields. If your scholastic record is not as wonderful as you’d like, use your submission to publicize other strengths like field work, jobs, research opportunities, extra classes, lecturing assignments which will impress the graduate school board.
2. Go for a PhD rather than a master’s if that is available in your field. Most PhD programs bear their students for a minimum of four years. If you are a good student and have an aptitude for the subject, the college will do its best to retain you and you get a good degree in the bargain.
3. Assistantships may require to work as an assistant to a professor in return for a stipend (the usual stipend is about $10,000). Almost a part of all full-time candidates for master’s degrees in science are paid for work as assistants. You may also be able to counterbalance some of your tuition by working at a part-time job alloted by your school on or off campus. But the payment is usually minimal
Although these are just a few options available to the graduate student to finance their college life, most of the time, the money is still not sufficient, it’s just not enough! The best option available to any student is a federal loan which will supply the money for your college related expenses at a low interest rate.
The most common federal loans for graduate students are,
1. The Perkins Loan is provided for both undergraduate and graduate students at fixed 5% interest rate.
2. The Subsidized Stafford Loan is available for both graduate and undergraduate study with the government paying the interest on this type of loan
3. The Unsubsidized Stafford Loan is also available for graduate and undergraduate study. In this loan the student is responsible for the interest that is accumulated on the loan while they are in school.
4. Graduate PLUS Loans are available if you are a graduate or professional student working on an additional degree or certificate.
Private Loans- even if you have managed to get a federal loan sometimes the money can fall short and the last option available is called as a private loan or an alternative loan. But there are a large range of difficulties with a private loan like,
• Interest rates on private student loans are variable and much higher than a federal loan.
• Interest on private loans added to the primary amount of money ultimately raising the monthly payments tremendously.
• Approval and terms for private loans are based credit history. If your credit history is doubtful you’ll need a cosigner,
• Poor or negligible credit may also affect a higher interest rate.

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Graduate student loans are difficult to get but essential if you want a good education for your future so be the early bird who gets the worm by applying early to almost every source you can think about, for financial aid to help you through Degree College!

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]]> http://www.masterpapers.com/blog/student-life/student-loans-6/feed/ 0 What are government student loans? http://www.masterpapers.com/blog/student-life/student-loans-5/ http://www.masterpapers.com/blog/student-life/student-loans-5/#comments Fri, 18 Jan 2008 18:04:02 +0000 admin http://www.masterpapers.com/blog/student-life/what-are-government-student-loans/88 There’s only one way you can afford college and that is by applying for a student loan which has a low interest rate and you start repaying after you graduate and get a good job. Student loans are a first-rate way to pay for college.
But you have to find a government loan which is ideal for you as you’ve already exhausted any other possibilities and you need money to help you finance your college education plan.
Get a federal loan!
Government student loans have the least interest rates, the best reimbursement plans, in addition to, being the most flexible in terms of credit checks. Federal student loans deftly make life easier for financially struggling college students as you don’t need to display a good scholastic record or a good credit history but if you can show that you need the loan, then its yours. College students often have no credit history, so borrowing from a bank is not possible or will carry a very high interest rate.

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Types of Government Student Loans
There are quite a few types of government student loans available to college students actively pursuing degrees. Here are a few of the most common:
• Federal Stafford Loan is one of the most commonly distributed loans to college students.
• Federal PLUS Loan is meant for the parents who can borrow as much as they need to finance their child’s college education. These loans are not subsidized which means that the parent will have to pay interest and the parent will be making payments while the student is in school as the loan is sanctioned on the parents credit check.
• Federal Perkins Loan is a loan for students who are financially needy for assistance. It is a beneficial program that offers a wonderfully low interest rate of only 5%.
Applying for Government Student Loans
1. if you want to apply for the federal loans system you can apply online on the FAFSA form. This form carries a detailed list attached to it with instructions so it’s not difficult to fill in the form in ten minutes.
2. The information you attached is evaluated, assessed and entered into the system and sent to the college you requested on the form. 3.If you do qualify for one or more of these government student loans, you are notified by means of an award letter or a student award letter, be sure to return the award letter and to sign a Master Promissory Note to specify that you agree to the stipulations of the finance and agree to begin reimbursement at the chosen date.

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]]> http://www.masterpapers.com/blog/student-life/student-loans-5/feed/ 0 Get a student loan quickly and easily! http://www.masterpapers.com/blog/student-life/student-loan-4/ http://www.masterpapers.com/blog/student-life/student-loan-4/#comments Thu, 17 Jan 2008 20:02:44 +0000 admin http://www.masterpapers.com/blog/student-life/student-loan-4/87 How do I get a student loan for college? Do you have a multitude of questions about how to apply for a student-loan for college? Do you even know where and how to start? There are absolutely so many answers to these questions about student loans for college that even the sanest person can get confused . So let me tell you about how I went about getting my student loan.
Be realistic about your pay back capacities-if you are from a middle class family like me it doesn’t really make sense to opt for a pricey private education when you can go to an equally good public college for less than half the cost.
Start at a community college- and then transfer to a better college to cut costs.
Scope out colleges- many colleges are willing to reduce their fees to attract the right kind of students. The trick is to find a college which will discover your grades attractive and reduce its fees to gain you as a student. Believe me this really works! But it does require a lot of research.
Be the early bird who gets the financial aid worm! Strictly saying, you have until the next years summer to submit the Free Application for Federal Student Aid or the FAFSA form to receive federal funding. But it definitely doesn’t hurt you to apply early, after all the Federal money pot’s only so big! There’s a chance that you could get a no-repayable grant or scholarship.
Master the federal aid process! The funny thing is you do not need high grades to get student aid or financial aid. All you need to do is prove that, is you just need the money. To keep education loans small, look for on-the-house sources of funding first, such as grants and scholarships which do not have to be paid back. After that, focus on federal student loans, which can offer great savings on interest rates and can be paid back after you pass out of college and secure a good job. Lastly, look at private or alternative loans. Unfortunately private loans are expensive; require a credit check, as well as, a cosigner. Try not to rely too much on these high-interest options like credit cards and alternative loans, as these can quickly add up. Getting one form of federal aid does not make you barred from others. Many students have to procure a mix of all three as the college tuition is so high along with household expenses.

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Borrow as little as possible! Though they are a great way to finance your schooling, student-loans must ultimately be paid back with interest. Over time, interest builds up and by the time you graduate, you’ll be paying back much more than you initially borrowed. As soon as you pass out, get all your loans consolidated as most lenders are willing to consolidate your loans with a substantial discount, if you consolidate in the grace period.
So get a student loan easily and quickly after following the steps which I have outlined for you.

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]]> http://www.masterpapers.com/blog/student-life/student-loan-4/feed/ 1 What is a Federal student loan? http://www.masterpapers.com/blog/student-life/federal-student-loan/ http://www.masterpapers.com/blog/student-life/federal-student-loan/#comments Thu, 17 Jan 2008 17:43:12 +0000 admin http://www.masterpapers.com/blog/student-life/federal-student-loan/86 A Federal Student Loan is a government based loan offered to undergraduate and graduate students to contribute to the cost of schooling, books and materials, and other education-related expenses. The Department of Education makes these available to the students at a subsidized rate under very easy to meet conditions.

The Federal Student Aid Programs are the principal foundation of university financial assistance, each year billions of dollars in financial support are provided through a variety of methods such as grants, work study, scholarships, and loans.
These centralized loans may be subsidized or based on need and unsubsidized or not based on need. Subsidized loans begin to gather interest when you leave school or your attendance drops, while unsubsidized loans begin to gather interest as soon as the loan is fully allotted.

The Federal Student Aid programs are made up of the following categories:
• Pell grants Stafford loans, available through the Direct Loan Program
• the Federal Family Education Loan
• Program PLUS loans for parents and professional students
• Consolidation loans
• Federal Work Study
• Perkins loans
• Federal Supplemental Educational Opportunity Grants

Eligibility for federal student loans is based on financial need and on several other factors. The financial aid administrator at the college or career school you plan to attend will decide your eligibility.

To receive aid from our programs,
1. You must show financial need
2. You should have a high school diploma or a General Education Development certificate, and pass a test by the U.S. Department of Education.
3. Meet other standards which your specific state establishes and the Department of Education approves.
4. You should complete high school education via home schooling which is approved by the Government
5. You should be working toward a degree or certificate in a a recognised program.
6. You should be a U.S. citizen.
7. You should have a valid Social Security Number
8. You can also register with the Selective Service if required.
9. Maintain a good academic record once in school.
10. Certify that you are not in default on a federal student loan or any other loan and do not owe money or any type of federal student grant.
11. certify that you will use federal student aid only for educational purposes.

Federal Student Loan programs offer several great benefits.
1. The majority of the programs do not need a credit check, which allows even students with bad or no credit history to apply for a loan.
2. Credit checks are a requirement for the PLUS Loans as this loan is issued to the parent and depends on the parent’s credit history for loan approval.
3. Federal Student Loans offer low interest rates which are fixed,
4. There is to be no repayment till the student graduates and for six months after graduation,
5. Students can take advantage of options such as deferment and forbearance.
6. Refinances are also present with Federal Student Loans, by which graduates can consolidate all their student loans and reduce monthly payments.

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A federal student loan is a good alternative for almost all students because of the range of benefits that it offers. So to avoid disappointment apply early and enjoy the benefits.

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]]> http://www.masterpapers.com/blog/student-life/federal-student-loan/feed/ 1 Federal student loan consolidation plans for the student! http://www.masterpapers.com/blog/student-life/student-loans-4/ http://www.masterpapers.com/blog/student-life/student-loans-4/#comments Tue, 15 Jan 2008 16:47:52 +0000 admin http://www.masterpapers.com/blog/student-life/student-loans-4/85 Federal consolidation or direct student loan consolidation allows a student to club all the federal loans under the same umbrella to help the student to make payments.

What are the benefits of consolidating the loans under the same umbrella?
1. By giving all your loans to one lender you are able to coordinate payments to a single person there is no chance of forgetting any payments, of sending them in late. With only one lender and one monthly bill, it is much simpler for a busy student to manage his debt. Borrowers have only one lender that is the U.S. Department of Education for credits included in a Direct Consolidation Loan
2. There are a large range of payback options which are individually tailored to help the student in making payments easier. The student can choose from four different plans to repay their Direct Consolidation Loan, including an Income Contingent Repayment Plan which is tailored to the student’s income at the specific time of payment. With a Direct Consolidation Loan, borrowers can changes in between plans to their convenience at anytime.
3. There is no minimum or maximum limit to the loan amounts which have to be included in the loan.
4. Consolidation of all your federal loans is free of charge
5. There is an option of deferment of your loan, if you cannot payback at that particular time.
6. Reduces Monthly Payments by relieving the strain on a borrower’s budget which lowers the student’s general monthly payment. The lowest monthly payment on a Direct Consolidation Loan may be lesser than the united cost charged on the students Federal education loans.
7. There are two likely possibilities to a Direct Consolidation Loan which are that the student may hold on to the subsidy benefits on loans that are consolidated into the subsidized fraction of a Direct Consolidation Loan.

Stake out the market! Who is eligible for a Direct Consolidation Loan?

To qualify for Direct Consolidation Loans or Federal Student Loan Consolidation,

1. Students must have one or more Direct Loan or Federal Family Education Loan Program loan that is in grace, repayment, deferment, or default.
2. Borrowers can consolidate almost all defaulted and Direct Loan Program loans, if they make satisfactory repayment arrangements to pay the new Direct Consolidation Loan under the Income Contingent Repayment Plan.
3. Borrowers who do not have Direct Loans may be eligible for a Direct Consolidation Loan if they include at least one Federal Family Education Loan Program Loan and have been unable to obtain a Federal Consolidation Loan with a Federal Family Education Loan Program consolidation lender or have been unable to obtain a Federal Consolidation Loan with repayment terms acceptable to them.

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How long does it take to consolidate my loans after I submit my application?

The consolidation procedure usually takes 60-90 days. The student can use the secure online form to put in the application for consolidating the loans. Borrowers receive a billing statement once a month from the Direct Loan Servicing Center. But if the student enrolls in the Electronic Debit Account they receive a 0.25 percent discount on their interest rate, (as long as they continue to make payments using EDA)

Federal student loan consolidation is a good option for students who are not really used to managing their finances. It’s also better to consolidate your loan to prevent a potential default which can hurt you financially forever.

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]]> http://www.masterpapers.com/blog/student-life/student-loans-4/feed/ 0 Are Direct Student Loans beneficial for students? http://www.masterpapers.com/blog/student-life/student-loans-3/ http://www.masterpapers.com/blog/student-life/student-loans-3/#comments Tue, 15 Jan 2008 15:22:40 +0000 admin http://www.masterpapers.com/blog/student-life/student-loans-3/84 The Direct Loan Program provided by the Federal Student Aid or FSA programs of the Department of Education. It aims to provides students with a simple, cheap way to borrow money for undergraduate and graduate education..

What is the advantage of the direct loan?
Direct Loans are:
■ Simple—you borrow directly from the federal government and have a single contact—the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive
Direct Loans at different schools.
■ Convenient—you’ll have online access to your Direct Loan account information 24 hours a day, 7 days a week.
■ Flexible—you can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans
if your needs change.

How to apply for the direct loan program?
1. You apply for Federal Student Aid program by filling out the Free Application for Federal Student Aid or FAFSA for which is available online. You can also use the paper FAFSA as a trial, but it’s better to use the online adaptation. This online version is accompanied by a detailed information packet which explains how to fill in the form and you can easily do it in fifteen minutes. Attach all necessary documentation requested in the form as well as requested by the individual college. Don’t forget to add the FAFSA number of the college you wish to apply to.
2. If your school takes part in the Direct Loan Program, you’ll then need to sign a master promissory note (MPN) to get into the Direct Loan. The MPN is a form which explains the loan terms and is a legally binding agreement which states that that you will repay the Department of Education for the loan you have taken.
3. The Direct Loan Servicing website has entrance and exit counseling that you have to take if you are a first time Direct Loan borrower.
4. Direct Loans are not sold to other lenders. As borrowing is done directly through the federal government, borrowers make loan payments to the Department of Education for their loans.
5. Borrowers have a large range of flexible repayment options. There are four repayment plans in the Direct Loan Program which are standard, extended, graduated, and income contingent. Students can change options when they need to without a fee at any time during the life of the loan.
6. Your school will usually give out your loan money by crediting it to your account, but could also give a little of it to you directly. Your loan money is usually disbursed in at least two installments.

What are the types of direct loans available?
The Direct Loan Program offers a few types of loans:
1. Stafford loans for students,
2. PLUS loans for parents and professional students
3. Consolidation loans for students and parents.

What is the interest rate?
The direct loans are usually run on a fixed interest rate dependent on whether first disbursed on or after July 1, 2006. The usual rate is a fixed interest rate of 6.8%.

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Although direct loans are available they are the first option of almost all students and sometimes there simply aren’t that many to go around. So apply early to avoid disappointment.

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