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Direct Loans Illinois

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

A -Z Jewelry & Swap Inc
(309) 637-4531
414 Sw Adams St
Peoria, IL
Beneficial Illinois Inc
(309) 688-8587
3927 N University St Ste A
Peoria, IL
All Credit Lenders
(309) 686-2200
4220 N Sheridan Rd
Peoria, IL
Associated Bank Illinois
(309) 671-1700
125 NE Jefferson St
Peoria, IL
National City Bank
(309) 655-5387
301 S.W. Adams St.
Peoria, IL
South Side Trust & Savings Bank
(309) 676-0521
2119 SW Adams Street
Peoria, IL
Bank of America
(309) 680-4380
135 S. LaSalle St
Chicago, IL
Accelerated Financial Services
(309) 686-9801
911 E Seneca Pl
Peoria, IL
Busey Bank
(309) 683-2300
6699 N. Sheridan Road
Peoria, IL
Central Illinois Bank
(309) 699-3405
800 W. Trailcreek Dr
Peoria, IL

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

A -Z Jewelry & Swap Inc

(309) 637-4531
414 Sw Adams St
Peoria, IL
Read more about Direct Loans

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