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Currently, there are $1.2 trillion in principal and interest on direct loans remained outstanding (borrowed by 34.5 million individuals). At the end of 2019, there were $657 billion in outstanding Direct Loan program loans for 32.1 million recipients.
The loan servicer’s customer service team is available from 8 a.m. to 6 p.m. CT Monday through Friday, and you can reach them at 800-243-7552 or 515-243-5626.
The programs Federal Student Aid administers comprise the nation's largest source of student financial aid: during the 2010–11 school year alone, Federal Student Aid provided approximately $144 billion in new aid to nearly 15 million postsecondary students and their families.
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education. [50] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [51]
The federal government offers four income-driven repayment options: Loan terms range from 20 to 25 years, with borrowers generally owing 10% to 20% of their discretionary income. After this period ...
My student loans were part of the 2010 deal that sent $28 billion from Citi’s federal student loan portfolio to Sallie Mae. At that same time, Discover also took over more than $4 billion in ...
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