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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." [1]
As of 2021, approximately 7.8 million Americans from 18 to 25 carry student loan debt, with an average balance of almost $15,000. [64] For adults between the ages of 35 and 49, the average individual balance owed exceeded $42,000. The average debt for adults between 50 and 61 is slightly lower.
The Education Department this week released an updated beta version of its income-driven repayment plan application on the Federal Student Aid (FSA) website that allows borrowers to enroll in the ...
An education loan is a loan taken out by the student (or parent) in order to pay for educational expenses. Unlike scholarships and grants, this money must be repaid with interest. Educational loan options include federal student loans, federal parent loans, private loans, and consolidation loans.
Note that the government is allowing an interest-free pause for repayment on most federal student loans through the end of September 2020 to help ease the impact of the coronavirus pandemic ...
Several lenders refinance student loans for low-income borrowers. Here are our top picks: Education Loan Finance : Requires a minimum annual income of $35,000 and a credit score of at least 680.
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