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It was one of the four largest companies which service United States federal student loans: Great Lakes, Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency. [2] In 2018, the loan servicing part of the organization was sold to Nelnet.
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education... rather than a bank or other financial institution."
They are not eligible for Income-Based Repayment plans, and frequently have less flexible payment terms, higher fees, and more penalties, than federal student loans. [ 15 ] [ 16 ] [ 83 ] Private loans may be difficult to discharge through bankruptcy .
The Saving on a Valuable Education plan, which rolled out in August 2023, is the latest income-driven repayment option for those with federal student loans. It took over from the Revised Pay-As ...
Income-based repayment is a federal program and is not available for private loans. [28] IBR plans generally cap loan payments at 10 percent of the student borrower's income. Deferred interest accrues, and the balance owed grows. However, after a certain number of years, the balance of the loan is forgiven.
If you apply with a lender offering bad credit loans, you could get approved with a score as low as 560 or no credit score at all. Still, a higher credit score could mean access to more funds.
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