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Federal Direct Student Loan Program
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| Program Type |
Loan
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| Description |
The Federal Direct Student Loan Program has been in operation since 1994. Under this system, capital for student loans is obtained by direct US government borrowing by the Department of the Treasury, and participating colleges and universities act as agents for the Department of Education in making educational loans to students for college expenses. This program is used by some colleges and universities instead of the Federal Family Education Loan Program.
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| Eligibility |
Student must be a US citizen, national or permanent resident alien. He or she must be enrolled at least half-time during the loan period in a program of study that leads to a degree or certificate. The student must have received a determination of eligibility or ineligibility for a Federal Pell Grant and, to qualify for the federal interest subsidy, must demonstrate financial need.
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| Value |
Freshmen: $2,625; Sophomores: $3,500; Juniors and Seniors: $5,500; Graduate Students: $8,500
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| Application Procedure |
Complete the Free Application for Federal Student Aid (FAFSA), available from high school counselors, college financial aid offices, and the US Department of Education or on the Web at http://www.fafsa.ed.gov.
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