Today, it is almost impossible to make any sensible breakthrough in the job market without proper education. Gone are the days that people acquired plum jobs with little or no qualifications. The market is now saturated with fresh talent and highly qualified people; meaning you have to get better qualifications to remain relevant. Employed people are realizing how hard it is to go up the corporate ladder with the same qualifications they were hired with. This has led to a race to join colleges and universities for upgrades and multiple degrees. Those unable to keep up have either stagnated or have found themselves obsolete in the organization.
Striving for better education is not devoid of challenges. Many aspiring college and university students are waking up to the harsh fact of how hard it is to get quality education without money. Unless you are financially well endowed, you could watch your dreams going up in flames as the coveted further education may be far beyond your ability. However, this need not be the case with the federal direct students loans. Federal direct students loans is a special loan product that is offered by the US government to aspiring college and university entrants in order to get quality education to enable them fit in the job market.
The federal direct student loans have opened a wide range of opportunities for willing students to pursue their career lines without fear of drop out due to lack of schooling fees. This has helped thousands to successfully finish their education and others to return to college to better their qualifications. The following are the benefits that accrue from obtaining the federal direct students loans.
A burden relief
Although the loan does not pay for the entire study cost including books, accommodation and transport; it caters for a huge chunk of the tuition expenses which would have been a big burden to students and guardians. Topping up the grant is easier than paying up the entire schooling expense.
Repayment of the loan does not begin until half a year after the completion of the college education. This allowance is given to let the loan applicant seek and settle in a job that will enable them to repay the loan. If the student does not achieve employment during this window period, they can start a business venture to repay the credit. One encouraging fact about the loan is that it is very cheap in terms of interest. Some newly employed people prefer to repay the whole amount in a few months in order to enjoy their untouched salaries. The monthly remittances for the loan are almost negligible.
The federal direct student loans are not only a preserved item for learners. Parents too can apply for the loans to fund the education of their children. Grandparents may also apply for their grandchildren or another beneficiary. This is a common practice especially where the parents want to cushion their young children from heavy financial burdens before they settle in life. In this case, the loan applicant will be wholly responsible for the loan repayment.
The federal direct student loans are very flexible. This means that if something happens and you have to defer your education, you can still apply for the funding in the future. This means you can take leave from school, work to earn some money to supplement your school fees and go back to college later. This deferment does not lock you out of the student loans.
Towards the end of the college education, students are given training on how to handle the loan which they are expected to start repaying in 6 months. If you realize that you have problems servicing the loan, there are counselors that offer services on how to handle your finances in order to clear the loan.