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The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999.
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 ...
Forfeiture of federal benefits: If you choose to consolidate federal student loans with a private loan, you lose access to federal loan benefits. These include income-based repayment plans along ...
Consolidation can streamline your student debt and reduce your monthly payment. But it's not for every borrower.
FFEL loans included FFEL Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. The FFEL Program ended on July 1, 2010 under provisions of the Health Care and Education Reconciliation Act of 2010. All new Stafford, PLUS, and consolidation loans are now administered through the Direct Loan Program.
The program replaced the earlier Federal Family Education Loan (FFEL) program which issued "guaranteed loans" — loans originated and funded by private lenders but guaranteed by the government. The FFEL program was eliminated because of a perception that it benefited private student loan companies at the expense of taxpayers, but did not help ...
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