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Direct Loans Andover MA

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

Salem Five Bank
(978) 745-5555
210 Essex Street
Salem, MA

Century Bank
(617)3495300
2309 Massachusetts Avenue
Cambridge, MA

Citibank - Porter Square
(617)4983249
1815 Massachusetts Avenue
Cambridge, MA

North Cambridge Co-operative Bank
(617)8765730
2360 Massachusetts Avenue
Cambridge, MA

US Alliance Federal Credit Union
(617)4913086
1960 Massachusetts Avenue
Cambridge, MA

Cambridge Savings Bank
(617) 864-8700
1374 Massachusetts Avenue
Cambridge, MA

Harvard University Employees Credit Union
(617)4860641
1350 Massachusetts Avenue, Suite 95
Cambridge, MA

Wainwright Bank & Trust Company - Fresh Pond
(617)2342255
176 Alewife Brook Parkway
Cambridge, MA

Wainwright Bank & Trust Company - Harvard Square
(617)3543616
One Brattle Square
Cambridge, MA

Metro Credit Union
(877) 696-3876
200 Revere Beach Parkway
Chelsea, MA

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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:

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.)
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

Featured Local Company

Salem Five Bank

(978) 745-5555
210 Essex Street
Salem, MA
http://https://www.salemfive.com/

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