Direct Loans Andover MN

This page provides useful content and local businesses that can help with your search for Direct Loans. You will find helpful, informative articles about Direct Loans, including "Understanding Direct Loans". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Andover, MN that will answer all of your questions about Direct Loans.

Wells Fargo Bank Minnesota - Northtown
(612) 316-4030
100 Coon Rapids Blvd. N.W
Coon Rapids, MN
 
Wells Fargo Bank Minnesota - Champlin
(612) 667-0048
11966 Business Park Blvd. N.
Champlin, MN
 
TCF National Bank Minnesota - Brooklyn Park
(763) 425-2143
7944 Brooklyn Blvd.
Brooklyn Park, MN
 
TCF National Bank Minnesota - Arden Hills
(612) 460-4650
3717 Lexington Ave. N.
Arden Hills, MN
 
U.S. Bank Maple Grove
(763) 416-2800
13623 80th Circle N.
Maple Grove, MN
 
Northeast Bank - Coon Rapids
(763) 784-3533
200 Coon Rapids Blvd
Coon Rapids, MN
 
U.S. Bank Forest Lake
(800) 872-2657
320 West Broadway
Forest Lake, MN
 
U.S. Bank New Brighton
(763) 785-3018
183 Third Ave. S.E
New Brighton, MN
 
U.S. Bank Shoreview
(800) 872-2657
1001 West Hwy. 96
Shoreview, MN
 
Kwik Cash/Payday Loans
(763) 574-0094
4639 Central Ave NE
Minneapolis, MN
 

Understanding Direct Loans

DIRECT LOANS

For the 2007-2008 academic year, 65.6 percent of al undergraduates received some form of financial aid. Of the 65.6 percent, nearly 40 percent received student loans. Although students may receive grants, which do not have to be paid back, they might not be enough to cover tuition costs, books, housing, and day-to-day living expenses. Student loan programs, such as the William D. Ford Federal Direct Loan Program , can help fill the gap.

Direct Loans are low-interest loans for students and parents. Direct Subsidized Loans for undergraduates with a first disbursement date between July 1, 2010 and June 30, 2011 have an interest rate of 4.5 percent. For graduate students Direct Subsidized Loans (no interest payments until after the grace period ends) have an interest rate of 6.8 percent and Direct Unsubsidized Loans (interest must be paid while enrolled) for all students have an interest rate of 6.8 percent. Direct Plus Loans have an interest rate of 7.9 percent.

Although the U.S. Department of Education is the Direct Loan Lender, the loan servicer is usually a private entity that is responsible for collecting, monitoring, and reporting loan payments. One such entity is American Education Services (AES) which was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to guarantee and service student loans for millions of borrowers across the U.S.

Direct Loans have loan limits and the limit depends on the year of study and whether the student is a graduate, undergraduate, dependent or independent. Direct Loan limits are as follows:

Dependent Student
1st-year undergraduate: $5,500 (maximum $3,500 subsidized)
2nd-year undergraduate: $6,500 (maximum $4,500 subsidized)
3rd- and 4th-year undergraduate: $7,500 (maximum $5,500 subsidized)

Independent Student
1st-year undergraduate: $9,500 (maximum $3,500 subsidized)
2nd-year undergraduate: $10,500 (maximum $4,500 subsidized)
3rd- and 4th-year undergraduate: $12,500 (maximum $5,500 s...

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