Direct Loans Auburn NY

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

Commonfund Mortgage Corp
(315) 255-2911
265 Genesee St
Auburn, NY
Mortgage House the
(315) 253-3239
7 William St
Auburn, NY
Beneficial New York Inc
(315) 253-3271
68 E Genesee St
Auburn, NY
American General Financial Services
(315) 258-8670
64 Owasco St
Auburn, NY
Citifinancial
(716) 656-0081
4779 Transit Rd
Depew, NY
First Quest Equity
(516) 833-6832
208 Glen Cove Rd
Old Westbury, NY
Countrywide Home Loans
(631) 454-2009
330 S Service Rd
Huntingtn Sta, NY
Ulster Savings Bank
(845) 338-1678
280 Wall St Ste 1
Kingston, NY
Keybank
(716) 693-9000
4248 Delaware Ave
Tonawanda, NY
State Bank of Long Island
(516) 495-7600
960 Port Washington Blvd
Port Washington, NY

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.

    ...

Click here to read the rest of the article at HowToDoThings.com

Author: B. Danesco

Featured Local Company

Center for Integrated Manufacturing Studies, RIT

(585) 475-5101
111 Lomb Memorial Dr., Bldg. 78
Rochester, NY

Related Local Event
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Location: Onondaga County Convention Center @ Oncenter
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