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Borrowers with federal Direct Loans or Federal Family Education Loan Program (FFELP) loans who consolidate their loans by June 30, 2024, will have any eligible payments from before consolidation ...
Direct Unsubsidized: Unlike Subsidized loans, these federal loans do not require students to demonstrate financial need and they are responsible for paying interest on the loan during all periods. If the student chooses not to pay the interest while in school, the interest will accumulate and be added to the principal.
In the United States, the Federal Direct Student Loan Program (FDLP) includes consolidation loans that allow students to consolidate Stafford Loans, Graduate PLUS Loans, and Federal Perkins Loans into one single debt. [1] [2] [3]
Any loan made under the Direct Loan Program can qualify for PSLF. In particular, Subsidized and Unsubsidized Stafford Loans, PLUS Loans, and Federal Direct Consolidation Loans qualify for PSLF. Loans in the FFEL program or Federal Perkins Loans can be consolidated into a Direct Consolidation Loan to become eligible for the program. [5]
Key takeaways. Direct Consolidation Loans and private student loan refinancing helps make federal student loans more manageable by rolling several balances into a single loan product.
All direct loans, whether subsidized, unsubsidized or consolidated, are covered under the program, including PLUS loans made to graduate or professional students.
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]
Low-interest direct unsubsidized loans can help you cover the costs, but there is other financial aid for graduate school, even if you’ve hit your direct loan limit. There is also a lifetime ...
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