Direct Loans Taylor MI

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

Lmi Group LLC
313-216-8137
5800 Warwick St
Detroit, MI
Cash Connection
313-491-8400
10800 Grand River Ave
Detroit, MI
Michigan Cash LLC
313-869-2274
2974 W Davison
Detroit, MI
Federal Collateral Society
313-961-4361
1117 Washington Blvd
Detroit, MI
Creative Mortgage
313-964-6602
615 Griswold St
Detroit, MI
Lasalle Home Lending Centers
313-234-8674
500 Griswold St
Detroit, MI
Michigan Mortgage Group
313-285-1145
645 Griswold St
Detroit, MI
Bank of America
313-875-2248
3031 W Grand Blvd
Detroit, MI
48226-3900
313-873-3310
9108 Woodward Ave
Detroit, MI
Advance America
313-342-1060
13601 W 7 Mile RD
Detroit, MI

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

Lmi Group LLC

313-216-8137
5800 Warwick St
Detroit, MI

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