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Federal student loan interest rates are fixed for the life of the loan; however, the rates for new loans will change annually, based on the current market. The interest rates for the 2013–2014 academic year are as follows: 3.86% for undergraduate Stafford Loans (both subsidized and unsubsidized) 5.41% for graduate Stafford Loans [6]
Federal loans are initially designated as standard repayment. [99] Standard repayment borrowers have 10 years to repay. The loan servicer calculates the monthly payment amount that will pay off the original loan amount plus all accrued interest after 120 equal payments. Payments cover interest and part of the principal.
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 need, but credit is necessary.
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,...
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• Income-based Repayment (IBR) – for this payment it is generally 10 per cent of your discretionary income, but never more than the 10-year Standard Repayment Plan amount. • Pay As You Earn ...
The Federal Family Education Loan (FFEL) Program: Until July 1, 2010, a large percentage of federal loans were made through private lenders with federally guaranteed funds. FFEL loans included FFEL Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans.
A borrower is a "new borrower" if, when receiving a federal student loan on or after October 1, 2007, the borrower did not have an outstanding balance on another federal student loan. [2] The Revised Pay As You Earn Plan is available to all Direct Loan borrowers regardless of when the money was borrowed.