Direct Loan Program Provides Necessary College Funding
Paying for a four-year college education has become one of the most expensive financial challenges a family can face. College costs, which traditionally had risen just a little bit more than the pace of inflation for nearly 100 years, suddenly began to grow at a much faster pace than family incomes in the 1980s. Now, the price of a college education is out of the reach of all but the highest income families, unless a student gets financial aid. Fortunately, almost every four-year institution stands ready to help its students meet the cost of an education through scholarships, grants and students loans such as the Department of Education's William D. Ford Direct Loan Program. The Direct Loan Program offers subsidized and unsubsidized loans for undergraduates and graduate students at four-year institutions as well as in graduate programs. Subsidized loans are given to students who have demonstrated a need for financial assistance. These loans are currently being offered at a 3.4 percent interest rate, one of the lowest in history. A student who attends a four-year university that participates in the program can be considered for the subsidized loan. Unsubsidized loans, which carry an interest rate of 6.8 percent, are available to any undergraduate student regardless of financial need as well as to graduate students.
The benefits students derive from participating in the Direct Loan Program include convenience in addition to the historically low interest rates. A student doesn't have to begin repaying his Direct Loan until he graduates or drops the numbers of hours he attends classes to half-time or less. Once these conditions are met, he'll need to start a loan repayment plan. However, he has several repayment options from which to choose. If he finds that a repayment plan he is currently on doesn't meet his financial needs, he has the option of changing it. The Direct Loan Program provides any student the opportunity to pursue a four-year college education at a participating university. Whether he's eligible for a subsidized loan due to financial need or just wants to get an unsubsidized loan, a college student can fund his college education with the help of the US Department of Education. The historically low interest rates, deferment options and multiple repayment plans make a Direct Loan a very good idea for any student and his family looking for a way to pay for college. |
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