Direct Student Loans- Financing Your Education With Ease

By: Steve c clark

With the ever increasing cost of higher education, the complexity to acquire a loan may sometimes increase due to any not so particular loan. You may also find it frustrating to run around the offices of financial institutions instead of concentrating on your academics. Direct student loans help you acquire a loan directly without coming in contact with a financial institution.

Features

The best feature of direct student loans is that all the direct loans may be consolidated into one at the end of your course completion. So, it comes as a dual benefit. With such loans you may be granted a loan amount varying from ?5000 to ?20,000, depending on the course you are undergoing, the college you are enrolled with and your credit status. The interest rates for direct student loans may be either floating or fixed ones. Generally, these rates vary from as low as 10% to 20% fixed APR. Also, with direct student loans, since you are provided a loan directly through the institution, if there are any changes in the expenses to be incurred by the students during the course tenure, the loan amount is automatically adjusted. The amount a student can borrow is decided by the lender.

Repayment terms

The repayment term for these loans starts after a maximum of the 6 months of the course completion. You may start paying earlier, if you are able to do so. Also, under certain exceptional conditions, it is possible to delay the repayment of the loan. You may search for the availability of these loans online but since the funding directly comes through the educational institution, you need not go for filling up the form for various moneylenders.

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