What kinds of Direct Loans can I get?

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What kinds of Direct Loans can I get? Direct Loans may help you cover the cost of college after gift aid is exhausted. You can get four types of Direct Loans: subsidized, unsubsidized, PLUS, and consolidation loans. You need to complete the Free Application for Federal Student Aid to qualify for Direct Loans. Read more of Insider’s student loan coverage here. Free financial aid, such as grants and scholarships, are the best option to cover the cost of college. But if you still need funds to cover the cost of college, federal Direct Loans may help you bridge the gap. A federal Direct Loan is a loan offered from the Department of Education. Direct Subsidized Loans: The government pays interest on these loans while you’re in college. It also covers interest during a six-month grace period after you graduate, before you must begin repaying your student loans. You’ll have to demonstrate financial need to qualify for these loans. Only undergraduate students are eligible. Direct Unsubsidized Loans: Interest will accrue on unsubsidized loans while you’re in school and during your grace period. If you’re able, you should try and pay off that interest each month to prevent it from capitalizing – or being added to your loan balance – once you start repaying the loans. These loans aren’t based on financial need. […]