The William D. Ford Federal Direct Loan (Direct Loan) program is the single largest source of federal financial assistance to support students' postsecondary educational pursuits. The U.S. Department of Education estimates that in FY2024, $85.8 billion in new loans will be made through the program. As of the end of the first quarter of FY2023,…

U.S. citizens or permanent residents, enrolled at least half time in a qualified program at a participating school, not in default on a prior federal student loan, and not previously convicted of a drug offense while receiving federal financial aid are eligible to apply for a student loan. This chart summarizes the interest rates, loan limits, and…

U.S. citizens or permanent residents, enrolled at least half time in a qualified program at a participating school, not in default on a prior federal student loan, and not previously convicted of a drug offense while receiving federal financial aid are eligible to apply for a student loan. This chart summarizes the interest rates, loan limits, and…

U.S. citizens or permanent residents, enrolled at least half time in a qualified program at a participating school, not in default on a prior federal student loan, and not previously convicted of a drug offense while receiving federal financial aid are eligible to apply for a student loan. This chart summarizes the interest rates, loan limits, and…

Student loans can help fill cost gaps created by insufficient grants, scholarships, and family income in funding a postsecondary education. Whereas receipt of grant aid does not require repayment, student loans must be repaid with interest. Loans provide students with additional choices, such as living independently (instead of living with parents…

U.S. citizens or permanent residents, enrolled at least half time in a qualified program at a participating school, not in default on a prior federal student loan, and not previously convicted of a drug offense while receiving federal financial aid are eligible to apply for a student loan. This chart summarizes the interest rates, loan limits, and…

This chart summarizes the interest rates, loan limits, and other terms for federal student loans issued from July 1, 2014 through June 30, 2015

The 2011 Occupy Wall Street protests brought countless media reports about unemployed college graduates struggling to repay their student loans and headlines sounding alarms that outstanding student loan debt will soon reach $1 trillion. Even though evidence is mixed on whether today's college graduates leave school with significantly more debt…

When an individual is considering college--or some form of education after high school--financial aid almost always comes to mind. While an individual has the primary responsibility of paying for college, sometimes those funds just aren't enough and he needs to look at other resources. The U.S. Department of Education provides more than $150…

American consumers owe more than $150 billion in outstanding private student loan debt. While this amount is significantly less than the amount outstanding on student loans guaranteed by the federal government, the private student loan ("PSL") product is an important component of higher education finance and does not appear to be well…

Provisions in the Higher Education Amendments of 1986 (Public Law 99-498), which require guaranty agencies and lenders to report information on Stafford student loan program borrowers to credit bureaus, are examined. The purpose of these provisions is to promote greater borrower responsibility and repayment of student loans. The report addresses…

This statement of the Director of Education and Employment Issues of the General Accounting Office's Human Resources Division discusses how the Stafford Student Loan program works, the growth in loans guaranteed and defaulted, and the concerns surrounding the financial problems being experienced by the Higher Education Assistance Foundation…

Federal student loans include a complex consolidation option that gives borrowers the opportunity to combine several loans into a single loan with a longer term to maturity and, for loans originated before July 2006, to convert from a variable- to a fixed-rate loan. The consolidation option adds substantial costs to the federal student loan…

The federal government assists students and their parents in meeting the costs of postsecondary education through two student loan programs, the Federal Family Education Loan Program and the William D. Ford Direct Loan Program. Although the two programs provide similar benefits to borrowers, their structures and operations differ greatly. As a…

This testimony before the House Subcommittee on Postsecondary Education addresses the need for improving student financial aid programs administered by the Department of Education, and in particular, the Stafford Student Loan Programs. The testimony begins with a brief review of the default problems involving student loans. Next, an examination is…