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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.
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.
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.
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 ...
Student loans are a huge news story in the United States -- and for good reason. Americans currently hold a staggering $1.77 trillion in federal and private student loan debt. This burden is not...
President Biden is making a last-ditch effort to cancel more student debt before the end of his term, one of his final attempts to erase the loans after facing years of setbacks.
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