If the requirements above sound good, we think that you are a great applicant for student loan refinancing and consolidation.
Student loan debt is a grave concern in modern America.
In fact, the amount of debt from student loans topped $1.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is $30,100.
Although the FFEL program is federal, it is mostly administered through state or private nonprofit agencies called guaranty agencies.
Guaranty agencies pay off the lenders when borrowers default, and in turn, are reinsured by the Department of Education.
The National Council of Higher Education Resources (NCHER) also has a fact sheet with a list of guaranty agencies. The maximum interest rates, and many of the important terms of federal loans are set by Congress, and are similar in both the FFEL and Direct Loan programs.
The federal student loan programs are highly regulated by Congress and the U. There are, however, a few important differences in available repayment plans for FFEL and Direct borrowers.
It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.
The picture painted by these statistics is clear: many borrowers are in over their heads with student loan debt and are looking for relief.
A Parents Plus loan makes a suitable option for parents in need of financial aid to help their children enroll in a college program of their choice.
Features of Parent Plus Student Loan Parent Plus loans have a fixed rate of interest.
The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.