Who Is William D. Ford?

William D. Ford was a U.S. Representative who spent three decades on Capitol Hill and dedicated himself to expanding educational opportunities for children. He served as Chairman of the House Committee on Education and Labor and as Chairman of the House Committee on Post Office and Civil Service.

He believed that the government has an obligation to give its citizens a chance at success and he worked every day of his life to be the champion of the working poor and the middle class, per Representative John Dingell, D-Dearborn.

He authored the Middle Income Student Assistance Act and orchestrated the passage of the Family Medical Leave Act. In 1994 The Federal Direct Student Loan Program was named for him.

Please Explain the Program

The William D. Ford Federal Direct Loan Program (FDSLP), often referred to as “Direct Loans,” is a United States Department of Education program that provides loans to help students pay for education after high school.

The Department of Education acts as a lender, providing funds for Stafford loans and PLUS loans in the same amounts as the Stafford and PLUS loans offered through the Federal Family Education Loan Program (FFELP). The Department of Education allows schools to choose which program; FDSLP or FFELP, best suits the needs of its students.

Direct Loans are low-interest loans for students and parents to help pay for the cost of your education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institutions. Direct Loans are:

Simple: You borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center-for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
Convenient: You’ll have online access to your Direct Loan account information 24 hours a day, 7 days a week.

Flexible: You can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

What Kinds Of Direct Loans Are Available?

Subsidized Stafford Loans are for students with financial need as determined by federal regulations. No interest is charged while you are in school at least half time, during your grace period, and during deferment periods.

PLUS Loans are low-interest loans for graduate/professional students and for parents to help their children who are dependent students meet college costs.

Unsubsidized Stafford Loans are for students and are not based on financial need. Interest is charged during all periods.

Consolidation Loans allow students or parents to combine different eligible federal student loans into one loan.

To be eligible for these types of loans you must be enrolled at least half time at a school that participates in the Direct Loan Program, and you must meet general eligibility requirements for the Federal Student Aid (FSA) programs.

Also, to find out more information about these requirements, contact your school’s financial counselor or by reading “Funding Education Beyond High School: The Guide to Federal Student Aid.”

First of all, financial assistance programs and requirements often vary from school to school regarding educational loans. Always check with your school that you are planning to attend before applying for financial aid.

There have even been two more grants made available as of the 2006-07 school year for college students who graduated from high school after January 1, 2006 and for the second year college students who have graduated from high school after January 1, 2005.

There are ways to make your education affordable. The Department’s Federal student aid programs are the largest source of student aid in American. If you are in financial aid for college or a career school, you have come to the correct place. These programs give more than $80 billion a year in grant, loans, and work-study assistance.

You need to read to find out more and to find out how to apply for this type of aid. The U.S. Department of Education student aid is the largest but not the only source you can find out about of federal aid and about scholarships. Non-federal financial assistance programs often vary, so check with your school for information about your state and their aid.

The form for applying for financial aid is the same form for applying for financial aid used for all two or four year colleges, universities and career schools for awarding of federal student aid and most state and college aid. And that form is the Federal Student Aid Form (FAFSA).

If you are eligible after you have filled the FAFSA form, the office has a variety of programs to aid you with in paying for your education after high school. However, if you decide to take out a federal student loan for school you are taking on serious obligations. Find out what they are and how to maintain your account in good standing.

Another thing you need to do is to investigate your financial aid options with a step-by-step process for calculating your cost. Also, with good grades you can be awarded scholarships and loans available to you.

If you want to go to college in the future, you cannot guess what you might be given, but you can find out what you would get if you applied this coming year. Use that as a guide as you prepare for the time you enter college.

When you are in college, the harder you work and the higher your GPA the more likely you will obtain a scholarship or grant, or whatever your specific school gives to students in that case. All students are awarded for their hard word and achievements.

The best thing I can say to you, the higher you GPA, (especially), your extra curriculum activities, etc., the more your school will court and want you and give to you to keep you there at their school.  Remember that you can always apply for a student loan as long as you are in school. And that can be for two years, four years, six years, eight years, etc.

Also, you have a few things on your side to remember. First, it is an investment to all if you are more intelligent and hold down a solid job in society. And no matter what financial institution you go with, they will be more than happy to work with you to take a portion of your money.