Direct Loans Groton CT

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

Coreplus Federal Credit Union
(860) 445-4480
255 Route 12
Groton, CT
United Funding Group
(203) 328-3077
700 Canal St Ste 3
Stamford, CT
Litchfield Bancorp
(860) 868-7301
Washington Depot
Washington, CT
Business Transfer Alliance
(860) 249-7160
100 Pearl St
Hartford, CT
Litchfield Bancorp
(860) 868-7301
Washington Depot, CT
Wells Fargo Financial
(203) 271-2023
1781 Highland Ave
Cheshire, CT
Amity Mortgage Llc
(860) 489-3331
Torrington, CT
Capital Financial Services
(860) 693-7632
50 Albany Tpke
Canton, CT
Countrywide Home Loans
(860) 892-4744
113 Salem Tpke
Norwich, CT
Litchfield Bancorp
(860) 435-9828
Main
Salisbury, CT

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

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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