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President Bill Clinton set a phase-in of direct lending, by signing into law the Omnibus Budget Reconciliation Act of 1993, [6] although in 1994 the 104th Congress passed legislation to prevent the switch to 100% direct lending. [6] Funding for new direct loans in the Federal Direct Student Loan Program increased from $12.6 billion in 2005 to ...
Direct Loans, Direct PLUS loans, Direct Consolidation Loans (loans made to parents are ineligible); FFEL, FFEL Plus, FFEL Consolidation, and Perkins Loans if consolidated Repayment term 20 years
Student loans charge interest too, but the rates generally aren't as high, especially for federal student loans. Direct loans for undergraduate students right now only charge 6.53%.
Student loan debt can quickly get out of hand if you’re not careful. Even if you are managing to make the payments every month, it can feel overwhelming. You need a good strategy to pay them off.
Student loans may be discharged through bankruptcy, but this is difficult. [2] Research shows that access to student loans increases credit-constrained students' degree completion, later-life earnings, and student loan repayment while having no impact on overall debt. [3]
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]
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