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The program replaced the earlier Federal Family Education Loan (FFEL) program which issued "guaranteed loans" — loans originated and funded by private lenders but guaranteed by the government. 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 ...
The Health Care and Education Reconciliation Act of 2010 (HCERA) ended private-sector lending under the Federal Family Education Loan Program (FFELP) starting July 1, 2010; all subsidized and unsubsidized Stafford loans, PLUS loans, and Consolidation loans are under the Federal Direct Loan Program. [21]
However, if a Parent PLUS Loan is consolidated into a Direct Consolidation Loan, then the Direct Consolidation Loan may be repaid under the ICR Plan. [2] Eligible loans for the IBR Plan are all loans made under the Ford Program and Federal Family Education Loan Program except for Parent PLUS Loans.
“All loans are now made through the William D. Ford Federal Direct Loan Program,” the Department says on its website. CNBC reports that almost 10 million people still hold FFEL loans.
The Public Service Loan Forgiveness provides student debt forgiveness to those who have worked at least 10 years in public service jobs with federal, state, local, or certain non-profit ...
The following types of federal financial aid are available to graduate and professional students. Aid for these students is primarily loans. The William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students may borrow up to $20,500 per school year.
The federal government provided more details on its plan to adjust the payment histories of millions of student loan borrowers, a move that will get them closer to debt forgiveness.
Similar loans are now provided under the Federal Direct Student Loan Program, which are federal loans issued directly by the United States Department of Education. The FFEL was initiated by the Higher Education Act of 1965 and was funded through a public/private partnership administered at the state and local level.
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