Direct Student Loan

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One Stop Shopping for a Direct Student Loan

A direct student loan is part of the government loan program that allows you to borrow money for post secondary education. A direct student loan can be obtained through the FAFSA or Free Application for Federal Student Aid. The beauty of the program is that it is tied directly to the same application as other loans and grants so you don't have to go through an outside lender to get a direct student loan.

How to apply for a direct student loan

A direct student loan may be applied for simply by filling out the FAFSA at the beginning of the year. This free application is available online and in your school at the beginning of each calendar year. You will need some basic information in order to complete the application for your direct student loan such as income tax returns, social security number and other applicable financial information

Repayment plans for a direct student loan

A direct student loan is really a very good option to help pay for school due to its flexible repayment schedule. Throughout the life of the loan you are able to choose and change your repayment plan at no extra cost to you. These options include four choices which are: standard, extended, graduated and income contingent. The last two can be lifesavers as you graduate and are not settled into a new job yet. With these two options, the direct student loan allows you to either start paying a little more each month or repayment is dependent on your income. This flexibility is what makes the direct student loan a very good and viable option.

Direct student loan consolidation

Not only is the application process streamlined for the direct student loan but you can also consolidate with ease. When you finish college, you can take each direct student loan and consolidate them into one easy loan on which the interest rate will be averaged based on your existing loans.

 

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