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Direct Loans Connecticut

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

College Bound of Guilford, LLC
203-453-5116
115 State Street
Guilford, CT

Kindercare
203-453-8781
1445 Boston Post Rd
Guilford, CT

Learning House
203 453-3691
264 Church Street
Guilford, CT

LimeLite Dance Studio, LLC
203-458-2194
Water Street
Guilford, CT

Amity Mortgage Llc
(203) 729-6681
774 New Haven Rd
Naugatuck, CT

Wells Fargo Financial
(860) 633-8501
95 Glastonbury Blvd Ste 413
Glastonbury, CT

National City Mortgage
(203) 268-3033
965 White Plains Rd Ste 10
Trumbull, CT

Waterbury Ct Teachers Federal Credit Union
(203) 758-9500
773 Straits Tpke
Middlebury, CT

Northwest Community Bank
(860) 653-7228
33 Hartford Rd
Simsbury, CT

Advisorone Mortgage Llc
(860) 633-0190
99 Citizens Dr
Glastonbury, CT

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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

College Bound of Guilford, LLC

203-453-5116
115 State Street
Guilford, CT
College Bound offers expert guidance and assistance with all aspects of both secondary and post-secondary college planning and placements. Member of NACAC & HECA

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