Introduction
With the ever increasing costs of higher education, the complexity to acquire a loan may sometimes increase. You may also find it frustrating to run around the offices of financial institutions instead of concentrating on your academics. Direct student loans help you acquire a loan directly without coming in contact with a financial institution. You are provided a loan directly through the university or college you are pursuing your education at.
You may search for the availability of these loans online but since the funding directly comes through the educational institution, you need not fill out multiple forms for various moneylenders.
Basic features
The best feature of direct student loan is that all the direct loans may be consolidated into one at the end of your course completion. So, it comes as a dual benefit.
Also, with these loans, since you are provided a loan directly through the institution, if there are any changes in the expenses to be incurred by the students during the course tenure, the loan amount is automatically adjusted.
Repayment terms and conditions
The repayment term starts after a maximum of the 6 months of the course completion. You may start paying earlier, if you are able to do so. Also, under certain exceptional conditions, it is possible to delay the repayment of the loan.
Statistics
With direct student loans you may be granted a loan amount varying from £3000 to £20,000, depending on the course you are undergoing, the college you are enrolled with and your credit status. The interest rates for these loans may be either floating rates or the fixed rates. Generally, these rates vary from as low as 6% to 20% fixed APR.
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