If you struggling with securing funding for your college education there are a number of options available with federal and private student loan programs. The William D. Ford Direct Loan Program is just one way to take advantage of federal student aid options and is a valuable opportunity for getting a low-interest rate on a student loan. This direct loan program offers a number of repayment plans and is managed by a direct loan servicing center. If you considering applying for the William D. Ford Direct Loan Program, here‚Äôs what you need to know:
The William D. Ford Direct Loan Program is offered by the U.S. Department of Education Direct Loan Programs and is available to all students who have graduated high school. The U.S. Department of Education is the lender of various federal student aid (FSA) programs and the William D. Ford Direct Loan Program is one of several student loans available.
There are four distinct direct loans available through this direct loan program:
The William D. Ford Direct Loan Program requires students to enroll in school on at least a part time basis. All students must meet the Federal Student Aid (FSA) program requirements, and submit the application before the due date. The best way to learn about due dates and eligibility requirements is to contact the financial aid office at the prospective college or university.
After submitting your FSA application, the loan approval committee will review your total school costs, expected family contribution and the amount of financial aid you may already be receiving. In most cases, dependent students can borrow between $3,500 and $5,500 of unsubsidized Stafford loans, while independent students can borrow $7,500 to $10,500 for undergraduate studies. The limits for all subsidized and unsubsidized student loans are $23,000 for a dependent undergraduate student and $46,000 for an independent undergraduate student.
Direct loan programs are very low-interest loans that can help you manage the costs of your education. The U.S. Department of Education is the sole lender of the funds and your loan is managed by an internal direct loan servicing center throughout the term. You can choose from a number of repayment plans to manage your funds after graduation, and can easily switch plans if necessary. Having one direct loan servicing center to turn to for repayment and other loan applications makes it easier to manage your funds and payments.