A student direct loan is an attractive option for college students who find themselves with an inadequate cash flow to pay for their college expenses.
Expenses such as books, tuition fees, dorm fees, school supplies, field trips and other miscellaneous fees can add up quicker than one expects at times.
Student direct loans for financial aid are programs sponsored by the Department of Education to financially assist students who need help to finance all the extra expenses that college can bring.
This program is one of the easiest and inexpensive ways for students to borrow money to cover all these expenses.
This article will introduce you to the basic procedures of acquiring and repaying a direct student loan in a few outlined steps.
If you are attending a school that offers a direct student loan program, then you are already halfway there.
First you will need to complete what is known as a master promissory note.
Much like the ones we've all signed at the car dealerships, the document will explain, in detail, the terms of your direct student loan and will also serve as a legal binding between you and the Department of Education.
However, there is a great amount of flexibility with direct student loans, as they are able to be adjusted accordingly to your fluctuating needs.
What's also flexible is your repayment options.
This literally must be the easiest way to borrow money.
There are three unique repayment plans for you to choose from;

• The standard plan - With this repayment plan you will be allowed pay a fixed amount monthly until your loan has been paid in full.
  You can arrange to pay as low as, but not lower than fifty dollars per month and you will have until ten years to repay your loan.
  
• The graduated plan - Using this repayment plan you can start with a low monthly payment, however it will increase every two years.
  Again, you can take up to ten years repay this loan.
  An ideal to consider plan for those anticipate to steadily increase in their income over time.
  
• The income contingent plan - This is a VERY flexible plan that allows for yearly adjustment and allows up to TWENTY FIVE YEARS to repay.
  Monthly payment amounts are adjusted yearly according to your family income and size.
  If your any reason your direct student loan is not paid off within 25 years, the balance will be discharged.
  

If you're hesitant to commit to a traditional loan, the flexibility of a direct student loan is a great option those who are leery of strict financial commitments.