Direct Loans Montgomery AL

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

Loanmax
(334) 613-7705
2740 E South Blvd
Montgomery, AL
Credit Express Finance Co
(334) 272-2722
3207 Atlanta Hwy
Montgomery, AL
Wells Fargo Financial
(334) 277-3855
6387 Atlanta Hwy
Montgomery, AL
Title Pawn Lenders Inc
(334) 396-4293
5022 Vaughn Rd
Montgomery, AL
Alabama Title Loans
(334) 288-7181
2233 E South Blvd
Montgomery, AL
Owen Bill
(334) 263-1081
33 S Perry St
Montgomery, AL
First American Cash Advance
(334) 280-5774
3447 McGehee Rd
Montgomery, AL
Charterwest Mortgage Llc
(334) 819-7330
215 Winton M Blount Loop
Montgomery, AL
Title Max
(334) 396-0610
5308 Atlanta Hwy
Montgomery, AL
Quik Pawn Shop
(334) 281-3615
4204 Norman Bridge Rd
Montgomery, AL

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

Advantage Mortgage

205-621-2331
2633 Valleydale Rd Suite 200
Birmingham, AL

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