Federal Direct Loan Programs are granted directly by the government that lends you the entire sum. FDLP differ from Federal Family Education Loan Programs in a sense that FFELP are not directly provided by the government but by non-profit agencies which are assured by the government. You or your parents must repay the entire loan plus interest to the federal government through the Department of Education.
Regarding the interest rates for Federal Direct Loan, it is adjusted every 1st of July each year and will be evaluated according to federal formula; hence, it is in no account to go beyond 8.25%. Debtors will be informed if there are any amendments implying the interest rate.
We strongly advise you to consult your financial aid office at your high school or University to give you all the necessary information you need on choosing the right program that suits your financial needs. When you have already done this you can go to Free application for federal student aid (FAFSA) and apply online for governmental financial aid.
Federal loans are loans offered by the federal government to you to assist in payment of the costs of professional education. Before getting yourself into any other type of loans, make sure you have investigated all the federal loan options. These loans usually charge lower interest rates than private loans, have flexible repayment terms and are issued by the federal government.
From all over the United States Federal Loan Programs are the preferred loans by students who need financial aid for college. Almost every student (to be) is eligible for it regardless of your income status or credit history.
Read more about the federal loan programs and how you can apply for federal student aid.
Generally, you should meet the following requirements