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Direct Loans: Federally Funded and Readily Available
Direct loans are loans funded by the federal government and available for student of higher education. The main prerequisite for direct loans is to fill out a FAFSA which is directly linked to all financial aid programs, including direct loans. Direct loans are a basic type of loan used for education expenses. Unlike some financial aid awards, direct loans are not limited to tuition expenses. You should be able to use your direct loans for other expenses such as living or book expenses in addition to tuition expenses.What are the counseling sessions for?
You may have noticed that before and after getting direct loans, you must complete a quick counseling session on the student aids website. It's important to check with your school's financial aid counselor to see if this session meets with your schools requirement for counseling. Your school may also offer a counseling session to help educate you. This counseling session will help you to manage your money wisely and make sure you are able to repay the direct loans as specified in the terms. Frankly, the government doesn't want to loan you money you will default on. It's basically a way to cover themselves and you from any trouble or hardship in the future.How do I qualify?
You qualify for direct loans based on your FAFSA application. There are four types of direct loans, some based on financial need and others are not. The four types of direct loans, organized by repayment structure are standard, extended, graduated and income contingent. You aren't necessarily stuck with one type of loan. With direct loans, you do have the ability to change the terms on your loan at anytime without extra costs or fees to do so.Can I consolidate my direct loans?
Yes, in fact, consolidating your direct loans could save you a lot of money in the long run. Consolidating will also help ease the pressure of making payments on multiple loans. Instead, you can easily see how much your direct loans are costing you every month.