2217: What Is A Direct Student Loan? Here Are Important Pros and Cons by Robert Farrington

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🗓️ 25 February 2023

⏱️ 9 minutes

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Summary

Robert Farrington of The College Investor talks about direct student loans Episode 2217: What Is A Direct Student Loan? Here Are Important Pros and Cons by Robert Farrington Robert Farrington is a personal finance expert that focuses on helping millennials get out of student loan debt and start investing for their future. He also helps parents make smart choices about college financing options and navigating the complex world of paying for school. He started The College Investor in 2009 as a forum to discuss the myriad of financial issues facing young adults. The original post is located here: https://thecollegeinvestor.com/33244/direct-student-loan/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 2217.
0:04.7	What is a Direct Student Loan?
0:07.0	Here are important pros and cons, by Robert Farrington of the CollegeInvestor.com.
0:12.7	And I'm your host and personal finance enthusiast, Diana Mariam.
0:17.0	Let's get right to today's post and start optimizing your life.
0:24.8	What is a Direct Student Loan?
0:27.0	Here are important pros and cons, by Robert Farrington of the CollegeInvestor.com.
0:33.7	A Direct Student Loan is another name for a federally-issued student loan in the United States.
0:39.3	If you borrowed money from the U.S. Department of Education, you likely took out a direct loan.
0:45.1	Since 2010, all federal loans have been direct student loans.
0:49.4	Prior to this, most loans would have been FFEL loans.
0:54.1	What is a Direct Student Loan?
0:56.8	Direct Student Loans are student loans issued directly by the United States Department of Education.
1:02.8	Any federal student loans issued after July 1, 2010 are federal direct loans.
1:08.7	Prior to July 1, 2010, federal loans could also have been federal family education loans or FFEL program loans.
1:17.2	FFEL loans don't have the exact same privileges as direct student loans,
1:22.0	but it's generally possible to consolidate FFEL loans to a direct consolidation loan.
1:28.8	Four types of direct student loans.
1:32.1	There are four major types of direct student loans, including
1:36.2	number one, direct subsidized loans.
1:39.6	Direct subsidized loans are loans where the borrower doesn't pay for interest
1:43.3	that accrues on the loan while they're in school or during deferment periods.
	...

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