Direct Loans Allegan MI

If you're applying to college or currently attending college, you or your parents may be eligible for a direct loan. The following article explains what these loans are and how you can get one.

Local Companies

Farm Credit Services Amex
(269) 673-0374
1517 Lincoln Rd
Allegan, MI
Greenstone Farm Credit Services
(269) 673-5541
1517 Lincoln Rd
Allegan, MI
Sallie Mae Home Loans
(248) 919-9000
28175 Cabot Dr
Novi, MI
Advances Payday
(734) 480-4357
1789 Washtenaw Rd
Ypsilanti, MI
Countrywide Home Loans
(248) 922-9168
6491 Sashabaw Rd
Clarkston, MI
Shore Mortgage
(734) 844-8800
1741 N Canton Center Rd
Canton, MI
Citizens First
(810) 388-9043
205 S Range Rd
Port Huron, MI
Advance America Cash Advance
(517) 278-0948
716 E Chicago St
Coldwater, MI
Flagstar Bank Banking Centers
(616) 940-8030
5110 Cascade Rd SE
Grand Rapids, MI
Approved Cash Advance
(517) 321-4613
3025 W Saginaw St
Lansing, MI

Direct Loans

If you're applying to college or currently attending college, you or your parents may be eligible for a Direct Loan. These are government loans that will help defray the cost of your education. They must be repaid, but they can help people afford an education which would otherwise be unaffordable. If you're considering applying for a Direct Loan, here are some steps to take in the process:

  1. Get to know what a Direct Loan is. A Direct Loan is a loan for students wherein the college gets money directly (no pun intended) from the federal government. Not all colleges participate in this program. Direct Loans for students are usually called Stafford Loans. When the parent of the student takes out the loan, it's called a PLUS Loan. (Note: there's another similar loan called the FFEL Stafford Loan.)

  2. Differentiate between a subsidized or unsubsidized loan. There are two categories of these loans: subsidized loans and unsubsidized loans.

    A subsidized loan means you aren't charged interest until it comes time to pay the loan back. You get a subsidized loan if you qualify on the basis of need. The government calculates "need" as what your family can contribute, plus other sources of payment (scholarships, etc) plus Pell Grant Eligibility all subtracted from what it will cost you to attend.

    Unsubsidized loans, on the other hand, will cost you interest right from the start until you pay it off in full. You don't need to qualify on a need basis for an unsubsidized loan, rather, you just need to be a regular student (in school to earn a degree or certificate) in an "eligible program" (school that is in the Direct Loan Program) and meet some other eligibility requirements and things like "dependent" vs. "independent" student status.

    ...

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Author: B. Danesco

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