William D. Ford Federal Direct Loans program allow students to opportunity to receive federal financial aid through government loans. Students may apply to qualify for an unsubsidized or subsidized Stafford loan. The subsidized Stafford loan is based on financial need, while the unsubsidized Stafford loan is based on the student willing to accept an additional student loan. In order to qualify for a direct Stafford student loan, students must complete and submit the FAFSA application. The FAFSA, or Free Application for Student Aid, takes into consideration the students/parents financial background and how much their family is expected to contribute to their child’s education.
The Plus Loan is another Loan that is available through the Federal Direct Loan Program. Parents and graduate students are able to apply for this type of student financial aid. The Parent Plus Loan is for parents who have children attending a qualified post-secondary institution. Their child must be completing their first undergraduate program and be a full-time student. The Grad Plus Loan is available for students that are or will be attending a graduate program. Only students that have completed their undergraduate studies and plan to attend a qualified graduate school program are eligible to apply.
As you can tell, there are many options available for students or parents searching for financial aid. The government has investment billions of dollars into higher education to offer students low interest rate student loans. Soon, the Direct Loans Program will be the only option available to students searching for financial aid. The FFEL student loan program will no longer be accessible beginning in the 2010-2011 school year thanks to the American Recovery and Reinvestment Act of 2009.
To find out more information about the Federal Direct Loans, visit: http://www.FederalDirectLoans.net
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