Direct Stafford Loan (DCSL) is a loan you can apply to buy or rent an apartment or home.
It’s usually used to help you buy or pay for your first home.
Students are eligible for up to $2,000 for DCSL.
The maximum amount is $1,000 per person per year, but some students may be eligible for more than that.
You may also be eligible to borrow up to 50% of the cost of a new home if you are earning a monthly income of up to 80,000 dollars (about $1.6 million).
Here’s how to choose which loan to apply for.
When you apply for a DCSL, you’ll also need to show proof of income, your income for the previous year, and proof of a job you want to get.
Credit reports and other records are often helpful.
What is a DCSL?
A DCSLS loan is different from a personal loan, which is a fixed-rate loan with interest.
Your monthly payments are fixed and depend on your monthly income.
DCS loans are available to all students.
Your payment amount depends on your credit score and the length of your loan.
A student with a low credit score may not qualify for a loan.
DCSL is a high-risk loan because you can’t borrow more than you earn in a month.
The interest rate is also high.
You might pay back the loan in full in 10 to 15 years, but it’s not guaranteed.
What are the repayment options?
DCS Loans are typically available for people who are: earning up to 120,000 ($3,000) a year, or a student with income above 150,000 and up to 100,000 a year.