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The terms of the loans are described in Title IV of the Higher Education Act of 1965 (with subsequent amendments), which guarantees repayment to the lender if a student defaults. As of July 1, 2010, Stafford Loans are no longer being offered, having been replaced with the William D. Ford Federal Direct Student Loan Program.
Once aggregate limits are met, the student is ineligible for additional Stafford loans until they pay back a portion of the borrowed funds. A student who has paid back some of these amounts regains eligibility up to the aggregate limits as before. Graduate students have a lifetime aggregate loan limit of $138,500.
For most Stafford loans made before July 1, 2006: Variable rate applies (changing annually with an 8.25% cap). Stafford loans made beginning July 1, 2006: 6.8%. New subsidized Stafford loans to undergraduates beginning July 1, 2008 (per recent budget reconciliation law): 6.0% for a loan first disbursed between July 1, 2008, and June 30, 2009
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There is also a lifetime aggregate direct loan limit of $138,500, including any loans you received as an undergraduate, both subsidized and unsubsidized.
Even though the U.S. Supreme Court struck down President Biden's proposal for student loan forgiveness, more than 43 million Americans with student loan debt could still benefit from a different,...
There are four types of direct loans: Direct PLUS Loan: The direct PLUS loan is a federal loan that graduate or professional students and parents of undergraduate students can use to pay for their education. These loans can be used to help pay for education expenses not covered by financial aid. The Direct PLUS loan is not based on financial ...
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]