Cameron University will be involved in the William D. Ford Direct Loan program July that is beginning 1 2010. Pupils and parents whom formerly received loans through the Federal Family Education Loan (FFEL) Program will borrow through the now Direct Loan Program. The Direct Loan Program provides the same forms of loans because the FFEL Program and Direct Loans generally speaking have a similar stipulations as FFEL Program loans, but alternatively of a bank lending the cash, the U.S. Department of Education (The Department) lends the income straight to students and parents through the student’s college. Additionally there are some variations in the names associated with the loans. The FFEL Program’s Federal Stafford Loans (subsidized and unsubsidized) are known as Direct Subsidized Loans and Direct Unsubsidized Loans within the Direct Loan Program. Federal PLUS Loans are called Direct PLUS Loans.
Advantages of the Direct Loan Program
Direct Loans and FFEL Program loans have a similar yearly and aggregate loan limitations, similar deferment and termination conditions, & most of the exact same payment plans (Standard, Graduated, extensive, Income-Based). The attention prices for FFEL Program Stafford Loans and Direct Subsidized and Unsubsidized Loans will also be exactly the same. […]