Federal Direct Loans
The federal Direct loan is the most widely-used loan for college students and is available to both undergraduate and graduate students. There are two types of federal Direct Loans and your eligibility for both is determined using your financial aid application.
Many students and families borrow loans to assist in financing a college education. Loans are considered part of the family’s investment in a student’s education and become the student’s and/or family’s responsibility to manage and repay once the student graduates.
Loans can come from federal or private lenders. They must be repaid with interest and, in many cases, include additional fees to obtain the loan.
Compare loan programs, then choose the one that best suits your needs and goals.
Do not take on more debt than you can handle. Borrow only what you need.
Applying for Direct Loans
Step 1. You must complete the FAFSA application online by going to www.fafsa.ed.gov
Step 2. You must complete entrance counseling online at www.studentloans.gov
Step 3. Sign your Master Promissory Note online at www.studentloans.gov
You will need the FSA ID issued to you by the Department of Education when you completed your FAFSA. If you have forgotten your FSA ID, you can retrieve it through www.studentloans.gov.
*Loan Disclosure: Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, Income-Based Repayment and Income-Contingent Repayment plans, and loan forgiveness benefits, which other student loans are not required to provide. Federal Direct Loans are available to students regardless of income.
Private student loans may not be included in Federal Direct Consolidation Loans.
Private student loans are not eligible for Federal Income-Based Repayment Plans.
Private student loans are not eligible for Federal Economic Hardship Deferments.