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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]
At the insistence of some in Congress, the 1992 reauthorization included a pilot program of direct lending, planting the seed for a full-blown Direct Student Loan Program proposed in Clinton's first year as president. [12] A third change to the loan program was to pilot an income-contingent repayment option.
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [ 1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships ...
Discretionary income . The second change decreases the amount of your discretionary income that goes toward your loan payment from the current 10% to 5% for undergraduate loans only.
Key takeaways. Interest rates on federal student loans are always fixed. These rates are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year.
In an updated guidance in October 2022, the Department “maintained that borrowers who cross the 20 or 25-year threshold following the account adjustment would start receiving student loan ...
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