Direct Student Loans
Direct Student Loans is money borrow from Department of Education to fund for college or university education fees. By various packages and plans from these loans, almost suitable for every student. Based on the particular situation of each person, no matter they are parents of student, graduate, undergraduate or professional student, there must be an option to suit for them.
Benefits of These Loans
1) Repayment will due after a student reduce his/her attendance less than half time, once repayment due, student can negotiate to change the repayment plan to anytime without penalty.
2) Loans direct lend from Department of Education, no other parties involved, this will prevent unnecessary problems arise.
3) The application process is simple, all steps can be done online.
4) Cause of the lender is a Government, students and parents no need to worry about the security of the lender.
5) The application form requires basic financial and demographic information and does not request for credit history beyond one year.
6) Repayment period from 10 years up to 25 years.
Actions will be taken against consequences defaulted payments
1) Will require borrower repay the entire unpaid amount immediately.
2) Borrower may be denied a professional license
3) Borrower will lose eligibility for other federal student aid and assistance under most federal benefit programs.
4) Lender may sue borrower, taken borrower federal / state tax refund and payments or garnish wages, thus the employer may use part of borrower's salary to pay-off the loan.
5) Costs incurred will be charge to borrower.
6) Lender will report borrower defaulted to Credit Bureau
7) Lose eligibility of loan deferment
For more direct loans information, please check out Direct Loan for Student instead of Direct Student Loans
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