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The FFEL program was eliminated because of a perception that it benefited private student loan companies at the expense of taxpayers, but did not help reduce costs for students. The Federal Direct Loan Program has accumulated a very large outstanding loan portfolio of about $1.5 trillion and this number will continue to rise along with the ...
The tax forms concerning these student loans scenarios include: Form 1098-E: Also known as the Student Loan Interest Statement , this lender-sent form tallies your interest paid to help you claim ...
Federal Stafford Loans are made to students and PLUS Loans are made to parents through the William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students and parents borrow directly from the federal government at participating schools. Direct Loans include Direct Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans.
Parent loans allow parents to take out student loans, the repayment of which will be their responsibility. The parents use these loans to pay for educational expenses on behalf of the student. For undergraduate students, there is the parent loan for undergraduate students or PLUS Loan. This loan allows parents to borrow up to the total cost of ...
My student loans were part of the 2010 deal that sent $28 billion from Citi’s federal student loan portfolio to Sallie Mae. At that same time, Discover also took over more than $4 billion in ...
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED) central database for Federal Student Aid. [1] NSLDS receives data from schools, guaranty agencies, the Direct Loan program , and other ED programs.
Direct Consolidation Loan: You could look to consolidate your Aspire-serviced federal loans into one new federal debt with the loan servicer of your choice. Your overall interest rate wouldn’t ...
Specifically, the borrower must be a "new borrower" as of October 1, 2007, and have received a disbursement of a Direct Loan on or after October 1, 2011. A borrower is a "new borrower" if, when receiving a federal student loan on or after October 1, 2007, the borrower did not have an outstanding balance on another federal student loan. [2]