Federal Family Education Loans - #84.032
Types of Assistance
Guaranteed/insured Loans
Range and Average of Financial Assistance
No Data Available.
Length and Time Phasing of Assistance
Applicants may apply for a loan for any year of school. The College Cost Reduction and Access Act (CCRAA) of 2007 authorized phased reductions to the interest rates for Subsidized Stafford loans borrowed by undergraduates with the rate cut in half to 3.4 percent on July 1, 2011. Repayment generally is made over a period of 10 years for Federal Stafford, and PLUS Loans, excluding periods of authorized deferment and forbearance, but extended repayment plans are available. The repayment period for a Consolidation Loan depends on the amount of the loan and may be up to 30 years, exclusive of periods of authorized deferment and forbearance. CCRAA created a new income-based repayment plan for those borrowers meting a standard of 'partial financial hardship' based on their annual repayment amount in relation to their adjusted gross income. Generally a borrower would not have to repay on a monthly basis more than 15 percent of their discretionary income. Any outstanding balance would be forgiven after 25 years of repayment in the income-based repayment option. See the following for information on how assistance is awarded/released: Contact the program office for information.
Renewals
Not Applicable.
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