2013•University of North Texas Digital Library (University of North Texas)Open access

Federal Student Loans Made Under the Federal Family Education Loan Program and the William D. Ford Federal Direct Loan Program: Terms and Conditions for Borrowers

David P. Smole

Abstract

This report discusses major provisions of federal student loans made available through the William D. Ford Federal Direct Loan (DL) program and previously made through the FFEL program. It focuses on provisions related to borrower eligibility, loan terms and conditions, borrower repayment relief, and loan default and its consequences for borrowers. These topics are principally discussed with regard to loans currently being made through the DL program, or made in the recent past through either program. The report also provides detailed historical information on annual and aggregate borrowing limits, loan fees, and student loan interest rates.

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Key concepts: Loan, Non-conforming loan, Participation loan, Student loan, Cross-collateralization, Bridge loan, Non-performing loan, Business