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An education loan is a loan taken out by the student (or parent) to pay for educational expenses. Unlike scholarships and grants, this money must be repaid with interest. Educational loan options include federal student loans, federal parent loans, private loans, and consolidation loans.
In 2007-08, FFEL served 6.5 million students and parents, lending a total of $54.7 billion in new loans (or 80% of all new federal student loans). Since 1965, 60 million Americans have used FFEL loans to pay for education expenses.
When student loan borrowers began applying for loan forgiveness 10 years after the program went into effect, most were denied relief. The White House said it made administrative fixes that ...
However, if the monthly amount to pay back the student loan over 10 years is too great, you can apply for an income-driven repayment plan. These plans structure repayment over 20-25 years, and the ...
Direct Subsidized Loans have fixed interest rates for the life-time of the loan. The interest rates for new loans are set yearly by the U.S. Congress. Federal Direct Unsubsidized Loan - Part of the Federal Direct Student Loan Program, Federal Direct Unsubsidized Loans are not need-based, meaning that nearly all students are eligible to receive ...
I was a single mother with a lot of debt, so I couldn't cosign student loans for my two sons. We opened the financial and college discussions early, so they understood. I helped them pay for their ...
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