The federal Direct loan is the most widely-used loan for college students and is available to both graduate and undergraduate students. There are two types of federal Direct loans and your eligibility for both is determined using your financial aid application.
No credit check required. If you are not in default on a prior educational loan, do not owe a repayment of federal grant funds, and meet federal aid eligibility requirements, you will be approved to borrow the Direct loan.
No payments required while you are enrolled at least half-time. Repayment begins six months after you graduate or drop below half-time enrollment. The standard repayment period is ten years. You can apply for temporary deferment of payments if you enroll in graduate school at least half-time, become unemployed, experience economic hardship, or meet other approved criteria. For more information, please see our web page on loan repayment.
Last update: April 2, 2013 3:27 PM