Direct Loans Lynn 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 State College
(978) 542-6000
352 Lafayette Street
Salem, MA
The Immigrant Learning Center, Inc.
(781) 322-9777
442 Main Street
Malden, MA
Cambridge College
(617) 868-1000
(617) 868-1000
Cambridge, MA
Tufts University
(617) 628-5000
Ballou Hall - 2, Tufts University
Medford, MA
Junior Achievement of Eastern Massachusetts
(617) 368-3566
33 Broad Street, 7th Flr.
Boston, MA
The Massachusetts School Building Authority
(617) 720-4466
40 Broad Street, Ste. 500
Boston, MA
United Negro College Fund
(617) 227-0937
15 Broad Street
Boston, MA
University of Massachusetts Office of the President
(617) 287-7182
225 Franklin Street, Flr. 12
Boston, MA
Massachusetts Educational Financing Authority
(8000 449-6332
160 Federal Street, 4th Flr.
Boston, MA
Jobs for the Future
(617) 728-4446
88 Broad Street, 8th Flr.
Boston, MA

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.

    ...

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Author: B. Danesco

Featured Local Company

Salem State College

(978) 542-6000
352 Lafayette Street
Salem, MA

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