Direct Loans New Jersey

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

BANK OF AMERICA ATM
(800) 432-1000
30 Mall Dr W Newport Centre 281
Jersey City, NJ
Hudson City Savings Bank
(201) 653-2287
600 Summit Ave
Jersey City, NJ
Countrywide Home Loans
(973) 642-0232
60 Park Pl
Newark, NJ
Eagle Nationwide Mortgage Corp
(201) 499-7662
1 Evertrust Plz
Jersey City, NJ
Washington Mutual Bank
(201) 536-1589
414 Grand St
Jersey City, NJ
American Dream Mortgage Bankers Inc
(973) 242-4888
17 Academy St
Newark, NJ
Beneficial Credit Services
(973) 624-6262
17 Academy St
Newark, NJ
Bank of America
(800) 432-1000
2400 John F Kennedy Boulevard 930
Jersey City, NJ
Atlantic Federal Mortgage Group Lec
(973) 530-4069
90 Bergen St
Newark, NJ
Atlantic Home Loans
(201) 798-4888
3017 John F Kennedy Blvd
Jersey City, NJ

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

BANK OF AMERICA ATM

(800) 432-1000
30 Mall Dr W Newport Centre 281
Jersey City, NJ
http://www.bankofamerica.com

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