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 Page: 4 of 70
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Federal Student Loans Made Under the FFEL and DL Programs: Terms and Conditions
Forbearance ............................................................................................................................. 31
M andatory F orbearance................................................................................................. . 3 1
Mandatory Administrative Forbearance........................................................................ 32
Interest Rate Benefits for Active Duty Servicemembers.................................................... 32
Servicemembers Civil Relief Act (SCRA).................................................................... 32
No Accrual of Interest on DL Program Loans for Certain Active
D uty Servicem em bers .............................................................................................. . 32
Loan Default and its Consequences for Borrowers ................................................................... 33
Consequences of Default for Borrowers ............................................................................ 33
Report to Consumer Reporting Agencies...................................................................... 33
O ffset of T ax R efun d ..................................................................................................... . 33
O ffset of Social Security B enefits ................................................................................. 34
W age G arnishm ent ....................................................................................................... . 34
Ineligibility for Federal Student A id ............................................................................ 34
Civil Lawsuit..................................................................................................................... 34
Loan Rehabilitation ....................................................................................................................... 34
L oan D ischarge and Forgiveness ............................................................................................... 35
Loan Discharge........................................................................................................................ 35
D eath or D isab ility ....................................................................................................... . 3 5
Bankruptcy ........................................................................................................................ 35
Other.................................................................................................................................. 35
Loan Forgiveness..................................................................................................................... 36
L oan Forgiveness for Teachers...................................................................................... 36
DL Program Loan Forgiveness for Public Service Employees.................. 37
Loan Forgiveness for Service in Areas of National Need............................................. 37
Loan Repayment for Civil Legal Assistance Attorneys ............................................... 38
Tables
Table 1. Annual and Aggregate Loan Limits for
Borrowers of Stafford Loans and PLUS Loans, by Dependency Status and Grade Level......... 10
Table 2. DL program Student Loan Interest Rates.................................................................... 13
Table 3. Repayment Periods for Consolidation Loans Repaid According to the Standard,
Graduated, and Income-Sensitive Repayment Plans ............................................................. 22
Table B-1. Annual Loan Limits for Borrowers of Stafford Loans and PLUS Loans,
by D ependency Status and G rade Level................................................................................. 40
Table B-2. History of Annual Loan Limits for Stafford Loans and PLUS Loans, by
Borrower Type............................................................................................................................ 42
Table B-3. History of Aggregate Loan Limits for Stafford Loans and PLUS Loans, by
Borrower Type............................................................................................................................ 48
Table B-4. History of Stafford Loan Fixed Interest Rates and Variable Interest Rate
Formulas..................................................................................................................................... 52
Table B-5. Stafford Loan Interest Rates in Effect, by Borrower Cohort: 1992-1993 to
2014-2015................................................................................................................................... 54Congressional Research Service
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Smole, David P. 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, report, January 21, 2015; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc807736/m1/4/: accessed April 23, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.